Gold formed last week on both the Spot price XAUUSD and the Future a Doji Morning like candlestick pattern (circled), which is an indication of a bottom and reversal.
Trend is still down however, and RSI showing negative divergence but if Gold can close above 100 daily Moving Average an uptrend is likely to be build.
On the weekly chart Gold seems to be bouncing from the 0.382 retracement at around 1,900 (XAUUSD dipped just below 1,900 whereas the future has stayed above).
However, for Gold to get back to test the 2K could be a bit of a struggle with the daily 55 Moving Average declining providing some resistance.
A short-term move to the 0.382 retracement at 1,963 just below the Cloud seems like a likely scenario.
If daily RSI can close above 60 threshold Gold will be back in positive sentiment with a likely move to the 0.618 retracement at 2,007 on the XAUUSD to follow.
If Gold closes below last weeks low it is likely to extend downtrend to around 1,870.