XAUUSD (1334.04):Gold prices were seen extending the declines after the minor rising trend line was breached last week. The declines could see a retest back to the breakout level of the trend line. Therefore, gold prices could reverse the losses and retest the 1344 level where resistance could be established. A reversal at this level could potentially signal further declines as price is likely to test the lower support level at 1325. Alternately, if gold prices manage to breakout above 1344 level then we could expect to see another retest back to the main resistance level at 1354.
