XAUUSD (1274.36): Gold prices remain volatile as price attempted to test the resistance level at 1285 before closing lower. The retest back to the support level at 1274.70 signals a possible move back to the upside. However, with the support level seen to be weak, there is a potential for gold prices to post a decline. Failure to bounce off 1274.70 region could keep gold prices weaker with the next test of support seen at 1262.83 region. In the near term, the volatile ranging price action in gold is expected to continue. Above 1285 resistance, gold prices could once again be seen targeting the previous highs near 1296 region with further gains likely to stretch price to test the 1300 level of resistance.
