XAUUSD (1248.74): Gold prices fell to a 5-month low yesterday following the breach of the support level at 1262.80 level. Price action on the 4-hour chart currently shows an inside bar being formed. An upside breakout from this level could potentially suggest a retest of the broken support level for resistance to be formed. The bias remains to the downside in the near term with new sellers likely to emerge if the resistance level holds up. Alternately, in the event that gold prices break out above the 1262.80 level, we could expect to see a retest towards the 1285 resistance level.
