XAUUSD (1268.08): Gold prices extended the declines yesterday as price closed below the 1272 level of support. Trading closer to the previous support established at 1262, gold prices could be at risk of further declines. However, price action could be seen pushing to the upside in the near term. A close above 1272 could signal an upside bias. This will validate the descending wedge pattern that has formed and could see gold prices rising towards the 1285.00 handle. Further gains are expected only above this level, but in the short term, price action is seen to remain range bound.
