The XAUUSD declined as suggested last week , bottomed at the 1285 levels , the assumed target of 1392 fall’s almost reached . Now outlook in XAUUSD turns neutral with risk to the upside , main support comes at the 1275 levels , stability above this level could mean a return to the 1300 levels , a break would open 1320 next , further upside will recapture the 1354 levels.
On the downside , sustained trading below the 1375 level will suggest that fall from 1392 levels is resuming , If seen , It will target the 1240 levels ahead of the 1231 levels , at this point 1231/1240 should provide strong support and bring rebound towards the 1275 levels , losing the 1231 would open 1200……….
In all , as long as support 1275 holds on a weekly basis , the XAUUSD is likely to return to its medium term upside bias with risk towards the 1300 levels ahead of the 1320 levels . Losing the 1275 levels would open 1240/1231 next.