XAUUSD (1304.08): Gold prices advanced on Wednesday as price action tested highs of 1308. However, by early this morning in the Asian trading session, the precious metal gave up the gains. A reversal today could potentially see gold prices extending the declines lower. The lower target is at 1290.40 where support will be tested more firmly. Alternately, if prices maintain support near the current level of 1304.11, then we could expect to see further gains. These could push gold prices to test the previously breached support level at the 1322 – 1319 region, where resistance is pending a retest.
