XAUUSD resumes declines after losing technical support

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Gold prices are bearish for the third consecutive day. This comes after the support area at 1712.47 failed to stall the precious metal from further declines.

After losing this technical support, gold prices fell to intraday lows of 1691.22 before pulling back modestly.

However, the downside target remains at 1671.95 for the moment. This is assuming that gold prices do not recover beyond the 1712.47 level where resistance could form.

A close above this level will invalidate the downside bias.

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