XAUUSD rebounds back to resistance level

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A day after posting declines, gold prices are recovering, erasing the gains from the previous session.

Prices are up close to 1.50% intraday as gold is seen trading close to the price level of 1712.50.

As long as prices do not break out above this level, we expect price action to be range-bound within 1712.50 and 1671.95 levels.

But we expect the downside to prevail on a close below the 1671.95 level. The downside target is at 1575.

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