XAUUSD (1314.30): Gold prices closed flat yesterday following the previous day’s strong declines. This could potentially signal a turnaround in prices on a bullish close today. To the downside, the initial support at 1303 remains in view as price action could be seen extending the declines to this support. A rebound off this support could offer some short term retracement, but the overall bias remains to the downside. Watch for any rebound that could see gold prices retracing back to the 1327 – 1325 level where there is a possibility for prices to establish resistance
: Gold prices closed flat yesterday following the previous day's strong declines. This could potentially signal a turnaround in prices on a bullish close today. To the downside, the initial support at 1303 remains in view as price action could be seen extending the declines to this support. A rebound off this support could offer some short term retracement, but the overall bias remains to the downside. Watch for any rebound that could see gold prices retracing back to the 1327 - 1325 level where there is a possibility for prices to establish resistance){kind=link}