Gold seems to have managed to carve a meaningful top at $2075 in August 2020. The yellow metal has dropped through $1848 lows, before pulling back. Also note that the drop was sub divided into 5 waves, making an impulse and hence any pullback should be well capped below $2075.
Gold has been producing a counter trend rally since printing lows around $1848 mark recently. The metal had reached $1932 mark before finding resistance and pulling back. It is quite possible that the recent rally could be lower degree Wave A within the corrective structure.
If the above is correct, Gold might have produced Wave B lower towards $1885 over the last week. If the corrective rally is still unfolding, the metal should push towards $1950/80 levels going forward. Bears might remain inclined to resume lower from there.
Also note that $1980 is very close to fibonacci 0.618 retracement of the earlier drop between $2075 and $1848 respectively. High probability remains for a bearish turn, if prices manage to reach there. Further, the previous lower degree Wave 4 also terminated around $1975 levels.
With all the above convergences meeting around $1975/1990, Gold remains vulnerable for a bearish reversal if the counter trend managed to reach there. Alternately, a push through $2015 might test $2075 levels, going further.
Looking at a higher degree, Gold seems to be a good candidate to be sold on rallies through $1980/90 mark. A drop below $1848 will accelerate towards $1670 and further.
Short against $2075, target is below $1670.