XAUUSD (1316.75): Gold prices were seen retreating off the 1328 level with price action currently biased to the downside. Support at 1307 could be tested in the near term if the downside momentum continues. We expect to see gold prices potentially holding the declines at this support level and could move into a sideways range into next week’s FOMC meeting. A break below 1307 could extend the declines towards the round number support at 1300.00.
