XAUUSD (1289.93): Gold prices closed on a bullish trend yesterday marking two consecutive days of gain. Price action broke above the resistance level of 1285.00 once again before easing back. We expect that this breakout to hold this time and any declines will see a correction back to the breached resistance level. Establishing support here could signal further upside in price towards the 1304 level of resistance. Alternately, to the downside, failure to establish support at 1285 will signal continued consolidation above the lower support level of 1274 region.
