XAUUSD (1326.33): Gold prices fell sharply on the day as price action touched down to 1325.50 level of support. We see price action attempting to consolidate at the current levels. If a temporary bottom is formed at this level, we expect price action to retrace the losses to 1335 level which marks the 38.2% retracement level. Further gains could push gold prices to post a sharper correction toward 1344 which would mark the 61.8% Fib retracement from the highs of 1355.74 from 18 April and the current low at 1322.19 from earlier today.
