XAUUSD (1273.91): Gold prices continued to inch lower despite the broader market sentiment. Price action is seen hovering near the 1274.50 level of support marking the lower end of the support zone at 1282 and 1274. A close below this level could signal continued decline in price action. The declines come following a period of consolidation in price action below the 1304 – 1301 level of resistance. A break down below 1274 could trigger further declines to the next main support at 1242.25.
