XAUUSD (1269.94): Gold prices were seen trading weaker yesterday as price action fell below the 1272 level of support. This could potentially see a retest back to the lower support level of 1262 where gold prices could be seen testing this region for the third time. The bias remains flat although there is a potential for gold prices to break down below 1262. The possibility of a descending triangle pattern cannot be ruled out. This puts gold prices to the downside, targeting 1238 – 1240 levels in the near term.
