Gold prices could likely form a head and shoulders pattern

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The precious metal extended declines last week to test the support level of 1671.95.

However, price action quickly reversed those declines to move modestly higher.

XAUUSD is now trading within the levels of 1712.50 and 1671.95.

A lower high formation within these levels could signal the right shoulder.

For the moment, the head and shoulders pattern is still evolving.

A drop back to the 1671.95 level could, however, confirm this view.

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