XAUUSD (1224.17): Gold prices were seen trading subdued as price action continues to remain support above the 1219 level.
We expect to see this sideways pattern continue ahead of a potential breakout.
To the upside, the resistance level at 1247 – 1242 remains a prime target.
Establishing resistance here could, however, keep gold prices range bound within the current levels.
To the downside, in the event of a break down below 1219, we expect to see the declines sending gold prices lower to test the 1200 level.