XAUUSD rebounding off the support level

Gold prices briefly dipped to the 1594 level of support before rebounding slightly higher.

With the current momentum in place, there is scope for a move toward the 1655 level of resistance.

We, therefore, expect gold prices to remain range-bound within the 1655 and 1594 levels.

In the event of a breakout above 1655, we expect a move back to the 1700 level.