The precious metal is looking to reverse the recent sharp declines. Prices closed almost flat on Thursday. Thus a follow-up bullish close on Friday could see some near-term gains being made.

But the correction could hit the resistance level near the 1911.50 – 1900 region. Only a strong breakout above this level could confirm further gains to the upside.

If gold prices reverse near this resistance level, then we could expect further declines in the near term.

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However, this is subject to prices breaking past the current lows formed near 1850 region.


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