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The precious metal was down almost 1.7% on Friday amid a resurgence of bullish sentiment in the market.

The risk-on factor pushed gold prices to slip to a five-week low before recovering slightly. The bias remains flat despite the short-term moves.

Prices are now at the key support level of 1671.95 which has been in play since mid-April. Therefore, a rebound off this level will not be surprising.

Only a strong close below 1671.95 will see further declines to be more meaningful.

The next key lower target is the round number support of 1600, followed by a move to 1571.78.

However, there is scope for price action to remain flat in the short term.

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