XAUUSD (1287.14): Gold prices were seen extending the declines yesterday as price approaches the support level of 1275 – 1274. The declines come following the breakdown from the rising wedge pattern and the test of support will complete the measured move. From the support level, gold prices could be seen establishing support which could see an upside bounce in prices. Resistance at 1296 will be in focus as a result, and a breakout above this resistance level is required to post further gains.
