XAUUSD (1293.58): Gold prices slipped after failing to break out above the resistance level of 1304 – 1301 level. The decline in gold prices is likely to see the precious metal continuing to maintain the downside bias with the gains capped at the 1304 – 1301 level of resistance. To the downside, the support at 1282 is the most likely target as gold prices are likely to test this support level more firmly. Although gold prices look fairly bearish for the moment, we expect to see a bottom taking shape and could signal a near term change in the trend to the upside.
