XAUUSD (1312.88): Gold prices managed to breakout above the price level of 1311 – 1307. A close above this support level now suggests a potential upside move in prices. The resistance level of 1325.50 remains a key level for price action to test. In the near term, we expect gold prices to remain range bound within the current levels. The support at 1311 – 1307 is likely to hold the declines in the near term. However, if this support level gives way, we could expect gold prices to drop toward the 1300 level of round number support.
