XAUUSD (1295.35): The modest rally in gold prices saw a retreat as price fell back to the familiar support zone. Gold prices briefly tested once again the lower end of the support at 1290. However, we can expect to see some near-term upside taking shape once again. A close above 1300 could signal a continuation towards the 1324 – 1320 level. Further gains can be expected only on a breakout above this resistance level with the long-term target at 1345.87.
