XAUUSD attempts to pare losses

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The precious metal is posting a recovery rally following the sell-off from the previous sessions.

Price action is back trading near the 1750 handle after slipping to lows of 1731 earlier.

But with the previous high at 1764.90 level, the upside could be capped.

This is, of course, unless price action breaks past this level to post new highs. If a lower high forms as a result, then expect a move lower.

The previous lows at 1731 will be the initial target followed by a move toward the 1717.65 level which could be tested for support.

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