Gold slips on improved market sentiment

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The precious metal is down over 0.80% intraday.

The declines come as investors’ risk-on sentiment prevailed.

Prices failed to breakout past the highs near 1738.60.

This led to a breakdown pulling XAUUSD to the lower end of the range at 1711.76.

As long as this support holds, we expect some consolidation to take place.

However, the downside target is at 1671.95 next.

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