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The precious metal closed last week on a flat note, right after the strong declines from the week before.

With price firmly below the 1967 level, we expect gold prices to consolidate in the near term.

As long as price action is below the 1967 level, the precious metal is at risk of a correction lower.

The  August 12 lows of 1882 remain the downside target for the moment. In case of a rebound, the precious metal will need to close back above the 1967 handle to resume its bullish momentum.

Still, price will need to clear the 2024 level in order to attempt to push to new highs.

As a result, we could expect gold prices to continue its consolidation in the near term.

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