XAUUSD (1354.10): Gold prices edged higher and look on track to test the 1357.83 level of resistance in the short term. The gains came amid rising concerns about the fallout from the U.S. imposing trade tariffs on goods from China. Following the brief dip back to 1328 last week, the currency pair pushed higher only to pause for a brief consolidation. We expect to see some downside in price action around the 1357 given that the precious metal has seen or established any significant support level in the near term. Watch for break below 1345 which could extend the declines lower to the 1336 level where support is likely to be formed.
