Gold Holds Steady Near Previous Highs

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The precious metal is trading rather flat on the day following an attempt to push higher.

However, with prices trading just below the previous highs, we expect this consolidation to result in a breakout.

The bias is slightly to the downside, following the double top pattern forming near 1774.20.

If gold prices break down below 1760, then we expect a decline back to the 1747.20 level of support.

To the upside, clearly, gold needs to make a breakout above 177420 to continue the bullish trend.

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