XAUUSD (1292.08): Gold prices continued to drift lower with the precious metal seen testing the lows of around 1292. We expect to see further declines in the near term as gold prices could likely ease back to the 1282 level of support. Establishing support here could signal a bottom being formed with further gains likely to come to the upside. A breakout of the resistance level near 1304 – 1301 is essential for gold prices to test the next main resistance at 1325.

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