Gold prices breakout higher, but can the momentum continue?

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Gold prices are up close to 0.80% on the day led by a modest risk-off rally.

This comes amid renewed tensions between the United States and China.

The breakout off the 1712.50 level comes after a prolonged period of consolidation.

However, gold is not out of the woods as it approaches the previously set highs near 1747.

Only a strong breakout above this level will confirm whether gold prices can continue the rally.

Meanwhile, the ascending triangle is validated which gives an upside to 1746, followed by 1763.

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