XAUUSD (1191.78): Gold prices closed with a doji candlestick pattern on Wednesday. The current bearish price action could potentially mark a retracement of the gains. The support at 1180.25 once again comes into focus. The reversal comes following a brief retest of the lower trend line of the falling price channel. A decline toward 1180.25 could mark a retest of the support level. This could potentially make way for gold prices to renew its correction to the upside. In the event of a close below 1180.25, gold prices could extend back to previous lows.
