The precious metal is posting its first proper correction in nearly three months.

Gold is down over 3.5% intraday after it broke out from the rising price channel.

The support area near the 1967 handle has also given way. The current declines could see prices extending lower.

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However, for the upside to prevail, the precious metal will have to break out above the 1967 level.

Above here, the next key resistance is near the 2026 price point.

For the moment, it looks to be that the gold rally is taking a pause.

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