XAUUSD (1340.42): Gold prices were seen retracing the gains following the rally over the previous days. However, with prices easing back, we expect to see another attempt to push to the upside. Establishing firm resistance at 1347 level could signal a potential reversal to the gains. However, if gold prices breakout higher, we expect 1360 to be the next target to the upside. To the downside, the current lows formed at 1337 are important. A break down below this level could signal a move to the downside with the lower support at 1321.27 coming into the picture.
