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The precious metal is on track to post the first daily loss in nearly two weeks.

This comes after gold prices briefly rose to highs near 1941.42 on Wednesday.

Failure to breakout higher has seen price action trading lower on Thursday.

We could expect the declines to continue as traders are likely to book profits into the month-end. For July, gold prices have risen over 9%, marking the biggest monthly increase since June 2013.

For the moment, the bias in gold prices remains to the upside, until we see clear evidence of a correction.

TradingGold

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