Gold Prices Look Increasingly Weaker

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The precious metal made some modest gains on Friday, but the upside momentum is starting to look weaker.

Following the recent rise to the 1950 handle, the failure to breakout has led to weaker price action.

While the 1850 level of support is holding up for the moment, the precious metal is likely to push lower if this support level breaks.

This will potentially open up the precious metal to further declines with the 1800 round number support coming up next.

For the moment, prices are confined within the 9th November lows of 1850.29 and the 16th November highs of 1899.

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