XAUUSD (1334.64): Gold prices gave up the gains rather quickly after rising to the 1345 handle. Price action fell past the 1336 support before reversing the losses just a few points above the 1328 level of support. The sideways range could continue within the 1336 handle and the 1328 level. A breakout from this range could signal further declines. We expect gold prices to push lower following a reversal at the 1336 region. This could send gold prices lower to 1328 with a breakdown below this level likely to see gold prices falling back to the 1307 level of support.
