The precious metal gave up nearly half the gains from the previous day.

After rising briefly above the 1800 level, gold prices are down about 0.5% on Thursday.

Currently, price action is challenging the 1800 level. Given the psychological importance of this level, we could see some consolidation taking place.

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A close below 1800 could accelerate the declines down to the 1786 level where support could be established.

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