XAUUSD retraces gains, but bullish bias remains

Gold prices are down about 0.40% intraday.

The declines come after prices briefly rose to highs of 1747.04 on Tuesday this week.

Despite the retracement, price action in gold remains solidly poised to the upside.

The lower support level at 1700 is likely to hold out any declines. But, in the event of a break down below this level, we suspect further moves lower.

To the upside, gold prices could now be looking to aim for 1800 if the bullish sentiment prevails.