FXStreet notes that gold is consolidating. Notwithstanding, XAU/USD stays neutral to bullish while above the $1857 level, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

“Gold’s high of $1916.91 has not been confirmed by the daily RSI and the market has basically been consolidating ever since. The move has held over the two-month uptrend at $1862 and last week’s low at $1857 and while underpinned here we will continue to favour the topside.” 

“Longer-term, we target the $1959/65 November 2020 high and the 2021 high. These guard the 1989/78.6% retracement and the $2072 2020 peak. Longer-term, we believe that this will also be overcome.” 

“Key support is the $1722 2091-2021 uptrend. While above here we will assume a longer-term upside bias.”