FXStreet notes that gold (XAU/USD) has recently failed just ahead of the 1973.80 mid-September high but continues to hold over the 1850 low. For now, strategists at Commerzbank are neutral.

“Should a breach of the 1850 support be seen we would allow for further losses to the 200-day ma at 1792.24 and possibly the May high at 1765.61. This in turn protects the 1721.15 55-week ma.” 

“In order to regenerate upside interest, the market will need to regain the mid-September high at 1973.8, for a rally to the 78.6% retracement at 2025 which guards the target band of 2070/2088."