FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank discusses XAU/USD prospects.

"Gold stays directly offered below the 100-day ma at $1790.72. However, the yellow metal is going to shortly encounter the key support at the $1735 2019-2021 uptrend line. While above there we will retain our longer-term upside bias. Longer-term, we still target the $1959/65 November 2020 high and the 2021 high. These guard the $1989/78.6% retracement and the $2072 2020 peak.”

“Minor resistance on the way up can be spotted at the $1808.60/$181621 late February high and mid-May low above which the 55 and 200-day moving averages can be seen at $1833.00/$1835.18. Further resistance sits at the $1875.79 late January high.”