The precious metal is paring losses as prices are somewhat bullish on the day.

Following the downside breakout from the rising wedge pattern, XAUUSD is retracing the losses back to the breakout level.

However, gold prices now need to rise above the previous highs of 1788 in order to confirm the move to the upside.

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However, price action remains mixed at the moment as there is scope of a move lower.

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