XAUUSD consolidates near previous highs

Gold prices pulled back after posting a fresh seven-year high.

But a day after the retracement, gold is back to testing the previous levels.

As a result, an interim support level is formed within the 1712 and 1700 levels.

As long as price remains above this level we expect the possibility of further gains.

However, on the four-hour chart, we see a lower pivot high forming that could suggest a move lower.

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