XAUUSD Maintains Gains Above 1600

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Gold prices are holding steady after rising above the 1600 level.

Support is being tested near the 1594 level currently.

If the support holds, then we expect price action to rise to the 1655 level. This will mark a full completion of the declines a few weeks ago.

Gold will also be trading back to the highs near 1700 in early March this year.

In the event of a breakdown below 1594, the next lower support near 1570 will likely hold.

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