The precious metal saw an aggressive rally on Wednesday, which took prices well past the 1800 level.

Price of spot gold hit intraday highs of 1817 before making a modest retreat. The current gains could continue with any dips attracting new buyers into the market.

In the near term, technical support is at the 1800 level. We could see prices pulling back to this level.

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Further upside can be expected if gold prices manage to rise sharply back above the swing highs of 1817.

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