XAUUSD (1274.25): Gold prices continue to remain flat, trading near the support level of 1275 – 1273. This is likely to signal a bottoming in prices. The falling trend line will be the major trigger as a breakout from this trend line could see gold prices attempting to test the initial resistance level at 1290 followed by a continuation towards 1300.00. To the downside, in the event that price action fails to breakout higher, we could expect the support level to give up, that could push gold prices lower towards 1262.83 initially.
