The precious metal is up over 1% intraday on Tuesday. The gains came after prices bounced off the lower support level near 1671.95.
Following this, the breakout of the falling trend line also confirms the upside view.
The next key price target is 1724.62. However, we expect prices to reverse off this level.
It could potentially push gold prices back to the 1671.95 level of support.
But a breakout from this level is also likely considering the consolidation.
In such an event, gold prices could be looking to move lower to the 1571.78 level where support could come in and stall the precious metal from further declines.