Gold prices continue to trade flat

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Gold prices are likely to continue to trade within the levels of 1712.47 and 1691.76.

This comes as risk appetite is improving slightly. With prices trading within the said levels, the bias also remains mixed.

There is scope for both an upside or a downside breakout. However, prices need to post a convincing close above the ranges to mark further direction to the trend.

The lower high formation, of course, adds to the downside bias, but with the support at 1691.76 holding up, for now, we expect the consolidation to continue.

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