Gold prices rebound, rising over one percent on the day

The precious metal is up over 1.2% intraday on Thursday. The gains came just a day after price action was bearish.

But the current gains still keep price action confined within the previous session’s highs and lows.

For the moment, a technical double bottom pattern looks to have formed near 1696.86.

A breakout above 1746 – 1747 will potentially trigger further gains in the medium term.

This gives the upside target to $1800 an ounce, which remains the broader market consensus.

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