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The precious metal did not make any major gains on Friday despite some stock market volatility.

However, prices are firmly supported above the 1724 level for the moment.

The precious metal attempted to make some gains but prices stalled near June 10th highs of 1738 before pulling back slightly.

If this continues, then the support area at 1724 will come under pressure and could give way for further declines.

To the upside, gold prices need to contend with the major resistance area of 1747.

Only a strong breakout above this level will confirm any potential upside.

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