Forex Trading Library

XAUUSD consolidates below resistance

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Gold prices are down close to 0.20% on the day. Price action, however, remains a bit flat, trading close to the resistance area of 1712.47.

A strong continuation of the downside will confirm that the resistance level is valid.

This will put the lower support at 1671.95 as the next downside target.

In the event of a breakout above 1712.47, then gold prices could be looking to resume the uptrend in the short term.

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