Gold prices did not make any major gains, but price action is stable above the key 1800 price level.

Following the brief decline intraday on Tuesday, gold prices are trading near the previous highs. So far, gold is not showing any signs of further gains.

Therefore, watch for a move above the 1814 level to confirm further upside.

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We expect this sideways range to continue for the short term.

But as long as the precious metal fails to make any new highs, it increases the risks of a downside correction.

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