XAUUSD Intraday Analysis

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XAUUSD (1196.43): The short rally in gold prices stalled as price action was seen reversing the gains after hitting a peak near 1206 level. The reversal saw a quick decline back to 1197.50. Price action is currently seen testing the 20-period moving average on the 4-hour chart. We expect to see further decreases pushing the price down to 1193.00. This level served as a brief resistance level. A retest of this level for support could potentially bring some upside in price action