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The precious metal is trading mixed after prices recovered above the 1724 level.

Overall, price action in gold remains quite volatile. As a result, the bias is also somewhat mixed. The focus is back on the 1724 level.

A close below this price point will see gold extending declines back to the 1700 level.

Given the psychological importance of this round number, we expect that prices will hold up in the near term.

But a close below 1700 will see a firm move lower to the 1671.95 handle.

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