XAUUSD (1298.89): Gold prices have been hovering near the resistance level of 1304 – 1301 for nearly five consecutive days. Price action could possibly breakout above this level. Clearing the resistance level could signal an upside momentum in prices. If support is established on a retest, then we expect USDJPY to potentially post gains toward 1325 level. To the downside, a retest of 1282 support is still pending which could be tested more firmly.
