The pain trade for Gold shorts could still extend a touch further, but we now estimate that prices will need to break well above the $2,000 range to spark large-scale algorithmic long acquisitions. 

Barring a severe escalation, this points to buying exhaustion, opening the door to potential algo selling below the $1,945 mark. Still, more meaningful selling activity from other cohorts will be required before algos reacquire a chunk of their shorts south of $1,875, suggesting prices may not easily recapture recent lows.