XAUUSD consistently posting lower highs

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The precious metal is trading somewhat bullish as it attempts to recover the losses from the previous two sessions.

However, the intraday charts show a consistent lower high forming, alongside lower lowers.

This is indicative of a downtrend that is not that significant just yet. For now, prices are back above the 1717.65 level.

A breakdown here could see price slipping to previous lows of 1696.86.

Only a strong close below this level will confirm further downside which could come around the 1671.95 level.

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