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  • XAU/USD is erasing the most part of the monthly gains. 
  • XAU/USD is challenging key levels near the 1690/1700 price zone. 

XAU/USD four-hour chart

XAU/USD is losing considerable strength while trading below the main SMAs on the four-hour chart. Gold is slowly reversing its monthly gains while challenging the 1690/1700 price zone. If the market breaks those key levels, gold can see more weakness towards the 1660 level. Resistance can emerge near the 1720 and 1740/50 price zone. 

Additional key levels