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The precious metal is on a rebound once again as price action is steadily rising after slipping to 1691.76.

The upper level near 1716.57 could come in as resistance unless there is a strong breakout.

As a result, we expect gold prices to remain range-bound within these intermediate levels in the near term.

Amid the consolidation, there is also a bullish ascending triangle pattern forming.

But, this will be valid only on a successful breakout above 1716.57. The minimum upside we expect is near 1743.86.

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