Are gold prices nearing the end of the rally?

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The precious metal is posting some modest gains to the upside after prices broke out off the previous highs near 167.95 level.

However, the current price action suggests that some downside could persist.

With prices consolidating into an ascending triangle pattern, then we expect a possible retracement lower. The next downside support at 1574 level could be tested.

For the moment, watch for XAUUSD to break down below the 1671.95 level to confirm the downside.

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