XAUUSD (1279.73): Gold prices gave up the gains following the fake break out above 1285 level. Price action failed to hold on the gains as the resistance level of 1285 failed as support. The decline to 1274.70 region puts gold prices back into a sideways range. Support at 1274.70 came due to the confluence between the rising trend line and the horizontal support. Further declines can be seen on a break down below this level of support. This could put gold prices at risk of a decline towards the 1262.00 level of support.
