Gold Gives Back Gains, But Upside Bias Remains

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The precious metal gave up over one percent on Thursday.

The declines came on the back of a stronger US dollar. The declines are also invalidating the bullish ascending triangle pattern.

If price closes strongly below the rising trend line, then we could see further declines toward 1882.23 lows from October 14.

Alternately, price action could continue to consolidate within the trend line and the horizontal resistance level near 1920 region. This could mean there is still scope for prices to breakout higher.

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