XAUUSD gives back gains amid consolidation

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Gold prices are trading a tad weaker, giving up some of the gains from the previous session.

Despite price action breaking past the 1712.47 level, gold prices have slipped back below.

The downside bias is toward the support at 1691.76.

We could expect a further decline that could push gold prices to previous lows at 1671.95.

We continue to watch the descending triangle pattern that could be emerging from this consolidation, giving a downside bias to price action.

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