XAUUSD (1283.36): Gold prices broke down below the support zone at 1290 and the current declines could see price testing the next main support that is at 1275 – 1273. The falling trend also shows the possible upside bias that could shift in the event of a breakout above 1290 and the falling trend line. Gold prices are likely to remain subdued in the near term with the resistance level at 1290 and the support level at 1275 likely to be the short term range in prices. A breakout off these levels will only then suggest a further continuation to the momentum.
