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The precious metal lost over one percent on Wednesday after price failed to make any major gains near the 1911.50 region.

The declines pushed gold prices down to intraday lows of 1869 before recovering.

We expect the near-term momentum to push price back to the upside.

The move lower, however, invalidates the ascending triangle pattern.

Price action is back near the previous lows from early October. This should offer some short term support, keeping prices within the range of 1911.50 and 1877 for the moment.

TradingGold

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