XAUUSD (1332.39): Gold prices rallied briefly towards 1338 level but failed to close higher on the day. As price retreated, the consolidation over the past few days could trigger a downside breakout as long as the established resistance at 1338 is not breached. The initial target to the downside remains at 1303 level. Further declines could be expected as gold prices could likely touchdown to the 1282 – 1274 region of main support that is yet to be tested. In the event that gold prices manage to close above 1338, then the bias shifts to the upside with the next upside target seen at 1357.
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