XAUUSD (1312.44): Gold prices were slightly bullish yesterday, but price action suggests cautious trading. The modest reversal off the lows near 1305.00 suggests a minor correction to the upside. Resistance is seen at 1320 – 1324 which will need to be breached in order for further gains to be logged. A breakout above this resistance will signal a move towards 1345.87. However, in the event that gold prices fail to break the resistance, the downside could see gold prices falling to 1300.00 support level.
