XAUUSD (1198.10): Gold prices extended modest gains on Wednesday but gave up the gains rather quickly. Price action was seen reversing around 1197.50 where resistance is seen to have been established. The downside is likely to send gold prices lower to 1180.25 level which marks a retest of the support level which previously served as resistance. Establishing support at this level could potentially prepare gold prices for a longer term corrective move to the upside.
