XAUUSD (1244.33): Gold prices retested the previous highs as price action rallied back to the 1248 region. However, the lower high in price sent gold lower to test the support at 1242.25. While gold is currently seen posting a rebound off this level, we expect the support to give way eventually. This could potentially extend the declines in gold amid a correction to the downside. The untested support at 1227 remains a key level of interest. However, failure to post the decline down to 1227 could result in gold prices attempting to retest the 1248 resistance once again.
