XAUUSD (1240.08): Gold was seen recovering from the modest declines posted on Tuesday, Price action reversed those losses and is looking to retest the resistance level at 1242.25 level. Establishing resistance with a firm retest could pave the way for a downside correction in prices. The lower support at 1227.10 remains the prime target. A reversal around this level could keep gold prices turning flat and trading within the said levels. If gold prices posted further declines, we anticipate the price to test the lower support at 1217.00.
