XAUUSD (1287.16): Gold prices fell sharply yesterday with little to no retracement. However, the doji candlestick formed on the 4-hour chart and the subsequent bullish close could suggest some upside. Further declines, if any could send gold prices down to the lower support established at 175 – 1274 level. At the initial test of support, gold prices could see a short term bounce. To the upside, any gains are limited to the resistance level and potentially the breakout level from the rising wedge pattern.
