XAUUSD (1307.08): Gold prices closed bearish on Wednesday with price action extending the declines following a brief period of consolidation just below the resistance level of 1316 level. In the short term, a reversal could send gold prices to retest the previously held lows at 1310.25. As long as this level holds out as resistance, we could expect gold prices to test the next support that could be formed at 1303.05. The longer-term downside target in gold remains at 1280 level.
