XAUUSD gives back gains

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Gold prices eased into Friday’s close, losing just over 2% after hitting highs of 1747.

The declines accelerated after the higher low near 1712 gave way.

The current declines could see gold testing lower support near 1671.95.

As a result, we anticipate prices to consolidate within these levels in case of no further continuation of the momentum.

A close below 1671.95 will, however, trigger declines down to the 1575 level of support.

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