XAUUSD (1287.96): Gold prices maintained strong gains yesterday as price action broke past the falling trend line and is currently seen trading in the resistance level of 1290 – 1288. We can expect to see a near-term dip but declines could be limited to the support level of 1275 – 1273 area of support. As long as this support holds, the decline to this level could signal a retest of the trend line breakout. A successful rebound off this support level will keep the bias to the upside with gold prices likely to break past the resistance level and extend gains to the next main resistance level seen at 1320 – 1324 area.
