XAUUSD (1253.09): Gold prices continued to extend the declines with the bearish momentum slowly gaining pace. The price of the precious metal extended to a 6-month low. However, we anticipate a modest rebound in the near term. Price action is expected to retrace the declines back to the 1263 level which previously served as support. Establishing resistance at this level could signal a possible reversal yet again with gold prices likely to fall further in the near term
