XAUUSD (1195.53): Gold prices fell sharply on the day as price action breached below the round number support of 1200.00 to test the lows of 1191.78. The declines in gold prices come despite the rising geopolitical tensions which saw gold failing to emerge as a safe haven flow. Price action on the 4-hour chart is currently signaling a potential reversal with the formation of multiple doji candlesticks near the current low. A bullish close on the 4-hour chart could signal some modest recovery. However, price action needs to close above 1211.50 in order to confirm a retracement.
