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The precious metal gave up the gains and as a result, price action posted a lower high.

This came in right near the resistance level of 1747.00.

Following this, gold prices fell further as price action is now in consolidation.

The minor support level is seen at the previous pivot lows at 1730.40. If this level breaks, expect gold prices to push lower.

The next downside target is at 1717.65. This also marks a confluence with the rising trend line.

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