XAUUSD higher at the open, but fails to build up momentum

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Gold prices opened higher on Monday, but price action has failed to make any major gains.

We expect to see a flat close which could potentially suggest the downside building up. This also coincides with the lower high that is currently forming.

In the near term, the lower support at 1717.65 might be able to stall the precious metal from declining further.

This potentially puts the gold price to move into a sideways range, unless there is a strong breakout lower.

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