XAUUSD (1308.70): Gold prices have posted a steady decline with price action gapping lower below 1324.72. We expect the downside momentum to see further declines that could send gold prices down to test the support at 1300.86. However, there is scope for a modest reversal off the current levels. Resistance at 1324.72 will be in play as gold prices aim to fill this minor gap from earlier this week. A reversal around 1324.72 will signal the completion towards the 1300.86 support. To the upside above 1324.72, signals a bullish bias in gold that could see price aiming for the 1345.87 resistance level.
