Gold prices retreated just after the intraday action, with prices rising to an eight-year high of 1764.92.
The falls come just after the precious metal rose past the previous highs from mid-April this year.
The strong retracement back could see the XAUUSD fall to the lower support level of 1717.65.
We could expect some consolidation at these levels in the short term.
However, if prices go past the support of 1717.65, you can expect a stronger retracement lower. The downside is at 1671.95.