XAUUSD (1292.67): Gold prices continued to consolidate following the break down to the support level at 1282. We expect some near term declines to push gold prices a few pips lower back to this support level. In the event of a higher low being formed at the current levels, then gold prices could remain trading within the range of 1304 – 1301 level of resistance and 1282 level of support. This sideways range is expected to be maintained in the near term. In the event of a break down below 1282, then gold prices could be seen testing the next support at 1250.00.
