XAUUSD (1224.43): Gold prices were seen extending the losses on the day as price action fell just short of the 1219.74 level of support. Despite pulling back to close the day flat, early trading today suggests renewed decline in price action. The Stochastics on the 4-hour chart indicates a higher low which could signal a near term rally to the upside. Gold prices are expected to pull back toward 1242.25 level where resistance is likely to keep a lid on the gains.
