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The precious metal is consolidating into a sideways range after falling below the 1817.80 level of support.

On the daily chart, we have the long term support coming from the 200-day moving average.

With price action closing flat, there is a risk of prices making a pullback. This could mean that a close above 1817.80 could signal further gains to the upside.

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It will then open up the way for gold prices to retest the 1850 level next.

Given that this level previously served as support, a retest of resistance will confirm the downside bias.

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