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The precious metal has become somewhat weaker after the previous volatility seen in the weeks gone by.

Price action is gradually drifting higher, in an attempt to test the previous highs.

The main level of interest is 1632. A breakout above this level could see further gains come by.

However, in the short term, we expect a drop back to the lower support of 1594.

Watch XAUUSD for a possibility of an inverse head and shoulders pattern formation that could signal further upside gains.

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