XAUUSD (1291.99): Gold prices rallied to a 4-week high by Friday’s close as price action cleared past the major resistance level near 1285.00. As expected, the upside breakout from the range within 1285.00 and 1274 region suggests further upside in price. We expect the upside momentum to continue with price action potentially targeting the next main resistance level at 1304 – 1300 region. To the downside, any declines will be limited to the 1285.00 level here support could now be established. In the short term however, the pullback to 1285.00 level could be limited with any pullbacks likely to be shallow.
