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The precious metal is up over one percent on the day. The gains come after price action has been trading flat over the past few sessions.

However, gold prices are not out of the woods yet. The upside resistance level near 1747.00 remains to be the next level of interest.

Only a breakout above this level can confirm further gains.

With the bias mixed, there is a possibility that gold prices could be pulling back.

This would keep price action in the precious metal to remain range-bound within the 1747 and 1724 levels for the near term.

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