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xauusd technical analysis

Although price action in gold remains somewhat subdued, the upside momentum is intact.

Prices are now trading close to the previous highs near the 1700 – 1699 level.

If there is a scope for a retracement, then the recent breakout above 1671.95 will establish as support.

A rebound off this level could support the upside bias.

Watch the minor rising trend line which could signal a shift in the momentum on a possible downside breakout.

TradingGold

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