XAUUSD (1264.45): Gold prices failed to capitalize on the modest gains made as price action was seen giving up the gains. Gold prices extended the declines and can now be seen retesting the previously established lows of 1263. A rebound off this support level could potentially a bottom taking shape with the 4-hour Stochastics currently posting a higher low against the lower low in price. The resistance level near 1282.50 is the most likely upside target. However, if price breaks down below 1263 then we can expect to see further declines pushing the price down to 1250.00 level of support.
