XAUUSD (1281.17): Gold prices posted a bounce back after price briefly slipped below the support level at 1274.70. The strong gains in gold prices saw price rising just close to the main resistance level of 1285 level. A breakout above 1285.00 is requiredin order for gold to continue posting further gains. However, weakening momentum could keep gold prices hovering near the resistance and the support levels. The sideways range below 1285.00 could be seen nearing completion on a potential upside breakout in price. The next main target for gold will come in at 1320.00 upon a successful breakout.
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