Gold seems to have been rejected at the 0.50 retracement at around 1,985. A bit unusual at for Commodities (and FX) especially Gold and Silver retracements around the 0.618 is often twhere corrections occur.
However, a minor correction down to 1,940 – 1,930 i.e., the 0.50 -0.618 retracement could be seen.
Moving Averages seem not to be agreeing on the direction and underlying sentiment; 21 and 55 are rising where as 100 is declining. Then again 200 is rising.
That tells us the short-term trend is up but medium-term to longer term is down, and finally the longer-term is up. A conflict for sure.
That means a minor correction down to, or maybe a spike below, the 21 Moving Average is likely.
But since the RSI is showing positive sentiment without divergence short-to medium term trend is up. Gold should likely test the 2K level in 1-2 weeks.
To demolish this bullish picture a close below 1,890 is needed.
If closing above 2K Gold will also be closing above the Cloud adding to the bullish picture that would have potential to 2,040-2,075