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The precious metal gave back the gains made over the past few sessions as price failed to hold on to the support level near 1967.

This led to gold prices falling further. The lower high formation and the current price action could indicate further downside in the near term.

However, the Stochastics oscillator is a bit oversold and this could see a modest rebound in the price action.

Still, gold prices will need to break past the 1967 handle once again, which could be difficult under the circumstances.

For the moment, the declines could stall as price approaches the previous lows near 1910.

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