XAUUSD (1284.25): Gold prices briefly bounced higher yesterday, but the reversal was strong enough to push prices lower. The downside is now likely to see gold prices falling back to the familiar support level of 1275 – 1274 area. Establishing support here could keep gold prices from posting further declines. However, this cannot be ruled out as a break down below 1274 level could mark further drop in prices. The lower support at 1262 also comes with a horizontal support level as well as the dynamic support from the daily chart’s rising trend line.
