XAUUSD (1299.75): Gold prices extended the declines following a slight bounce. Failure to retest the resistance level at 1324 – 1320 saw gold prices posting sharp declines to slide to 1300 support level. This potentially marks the downside target in gold. There is scope for prices to now post a reversal off this support which could see a retest back to the initial resistance level followed by further gains on an upside breakout. To the downside, below 1300, gold prices could be seen testing the 1290 handle where the next support comes in.
