XAUUSD (1242.25): Gold prices posted strong declines on the day on Wednesday. Price action was seen falling to the lows of 1242 level of support. However, the rebound off this level is expected as price action touches the previously established lows. The decline to the support level also coincides with a retest of the falling trend line as well. A daily close above 1247 could potentially trigger an upside rally in prices. The longer term resistance level is seen at 1282 which could be tested in the medium term.
