Gold takes a breather after the gains

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Gold prices are trading rather muted on Thursday after the previous strong price action.

The precious metal touched highs of 1779 on Wednesday before retreating.

The breakout from the median line suggests a potential dip to the 1747 handle initially.

However, we could expect a larger correction to take place. This puts the downside target to 1732.

Given the recent consolidation that gold prices emerged out from, we could expect the upside to continue.

Watch for short term higher highs forming that might potentially confirm the bullish bias to resume.

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