Gold climbed above $1,800 on Monday and seems to have gone into a consolidation phase. As Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes, there are still some hurdles to deal with at $1813/42 to really get going on the topside.

Encouraging signs

“XAU/USD is about to hit the 55-week ma at $1813 and the $1842 2020-2021 resistance line.”

“The $1813/42 region remains the key break point on the topside to $1917/22 then $1959/66.”