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The precious metal gave back some of the gains on Friday after price reached a new all-time high last week.

Gold prices were trading above the 2050 handle rather comfortably. However, price lost out into the close to settle near the 2031 level.

While it is too early to understand if the trend will start a correction, watch out for the clues.

A possible lower high formation and a breakout from the rising price channel could indicate just that.

However, the bullish momentum in the precious metal is also strong which might suggest that this is just a small pullback to the uptrend.

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