XAUUSD (1219.86): Gold prices continued to extend the declines as price action slipped below the 1219 region. The doji candlestick on the 4-hour chart was followed by a bullish close. While price action managed to pull back from the lows, the current gains could see a move to the upside. Gold prices could be seen rallying to 1242 level of support where resistance is likely to be established. To the downside, failure to clear the 1219 region could signal further declines in gold prices which could push the price of the precious metal lower to 1200.
