Gold prices continue to consolidate near highs

The recent reversal in gold prices has pushed the precious metal close to the previous highs.

Price action reversed direction, just a few points above the technical support of 1700.00.

For the moment, price action is testing the price level of 1724.62.

A close above this level could potentially push gold prices to the next key target of 1747.00. We expect the consolidation to continue overall in the near term.