XAUUSD (1277.66): Gold prices touched down to the 1280 handle and price action closed below this level. With the Stochastics oscillator in the oversold levels, we could expect to see a correction if the momentum stalls. A clean break of the 1280 handle is required. Therefore, there is scope that if gold prices decline further, we could expect the 1280 handle to be tested for resistance. Alternately, we could see price action consolidating around this level for the near term
