XAUUSD (1265.57): Gold prices broke down to the downside and the declines are now expected to keep the prices biased to the downside. The break down below 1274 support is expected to see gold prices extending the declines to the next main support level at 1242. In the near term, any retracements are likely to stall near the 1274 level where the recently breached support level could turn to resistance. Only a strong close above 1282 level could signal a shift in the trend.
