XAUUSD (1288.99): Gold prices continue to drift lower but price is nearing the next main support level at 1282. A retest of this support level that has held previously could signal a short term bounce in prices. Resistance is seen formed at 1304 – 1301 level which is likely to keep a lid on the gains to the upside. Gold prices have been consolidating near the current levels with the past two daily sessions posting a doji candlestick. This could potentially signal a near term correction should prices bounce back to the upside.
