XAUUSD (1315.26): Gold prices were seen trading within the range after price action briefly touched down to 1307.80 level. We expect the downside bias to continue in the short term as gold prices could once again test this familiar support level. There is scope for price to potentially break down below 1307.80 region in which case, further declines could push gold prices to the 1300.00 round number followed by a test of support near the 1282 – 1274 level. To the upside, a close above the recent highs at 1319 could mean further gains toward 1328.00 level of resistance.
