XAUUSD Intraday Analysis

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XAUUSD (1229.76): The volatility in the gold prices continue as price action is seen extending the declines. The breakout from the minor rising trend line suggests that price action could extend the declines back to the previously formed lows. The support level at 1207.00 remains untested which makes this exposed for a downside correction. To the upside, the resistance area of 1238 – 1242.25 remains a key level that will likely hold the gains in the near term.