XAUUSD (1291.01): Gold prices extended the declines to the next support level at 1282 but price action bounced back higher. We notice that gold prices are likely to consolidate around this support level in the near term. To the upside, the resistance level at 1304 – 1301 region is most likely to be tested for resistance. If gold prices slip below the support level of 1282, then further declines could eventually push prices down to 1250.
