GOLD waiting for breakout

As mentioned on our previous post, since the prior movement was sharp, we expected a retracement towards 1900 or consolidation last week played out as per what we expected.

Gold retraced towards the 1900 in a consolidation movement before ending lower at 1873 which is also a support region. If this support does not hold, we can potentially see more downside movement while if price were to break above the 1900, we can potentially see Gold trades towards the recent high.