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Gold prices made some modest gains but the rally was capped near the 1724 handle.

As expected, price action quickly reversed after a brief test to this level.

If the declines continue, we expect XAUUSD to pull back to the 1700 level.

While there is still scope for a move back to the 1724 level, only a close below 1700 will be convincing enough for a correction.

In the near term, gold prices could continue to trade mixed.

The longer-term range remains steady within the price levels of 1747 and 1671.

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