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The precious metal is trading back near the technical resistance level of 1712.47.

As the sideways range is maintained, we expect prices to drift lower.

There is also a trend line that will come in as dynamic resistance keeping a lid on the upside.

As a result, gold prices will likely settle back within a range of 1712.47 and 1691.76 in the near term.

The bias is starting to shift to the upside on the ascending triangle pattern.

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