XAUUSD (1280.8250): Gold prices posted a strong decline on Friday after price action briefly tested the resistance level of 1304 – 1301 level. The sharp declines pushed the price of the precious metal lower to test the support at 1282. The declines sent gold prices to test intraday lows at 1275.47 before pulling back. We expect to see gold prices turning sideways for a short term within the 1282 and 1274 levels of price. A breakout above 1282 is required however for price to push higher to regain the 1301 level of support.
