XAUUSD extends declines as further downside in scope

Gold prices are pushing lower after the precious metal failed to find support at 1717.65.

The breakdown below this level has led to gold falling over 0.80% intraday.

Prices are now trading off a minor support level at 1696.50.

If this level holds, we expect some consolidation with the price levels.

Alternatively, a break down below 1696.50 will see gold prices falling back to lower support near 1671.95.

This will mark a much-anticipated correction in gold prices in the longer-term horizon.

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