XAUUSD (1275.40): Gold prices continue to remain flat with price action showing strong consolidation near the 1274 level of support. Failure to establish a clear trend suggests that the sideways price action might continue. Below the 1274 support, gold prices could be at risk of posting a decline towards the 1262 support level. To the upside, the 1285 resistance is likely to maintain the gains in the near term. On an intraday basis, gold prices could be seen posting a modest rally to fill Friday’s gap at 1280.46 but further gains beyond this could be limited.
