XAUUSD Stalls After Giving Back Gains

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The precious metal is trading flat after prices fell sharply just the day before.

For the moment, gold is trading below the key price level of 1747.00. There is scope for price to briefly retest the 1747.00 handle.

A breakout above this level could see further gains coming but expect a move higher only on a strong close above the previous high of 1764.00.

To the downside, the previous resistance level near 1717.65 will likely act as support which could stall the precious metal from posting further declines in the near term.

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