XAUUSD extends declines as further downside in scope

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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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