XAUUSD (1266.08): Gold prices extended the declines as price action fell to the 1262 level of support as noted in yesterday’s commentary. With price action retesting this support level, the daily chart shows a potential descending triangle pattern shaping up. A break down below 1262 could signal further declines in the precious metal. Alternately, if gold prices manage to rebound off the support, the gains are limited to the 1274.70 level of resistance.
