Gold might be preparing to break out of the trading range that it has formed since last several trading sessions. A break below $1862 would certainly confirm that the trend has reversed. Overall, bears are looking to remain in control until prices stay below $2075 resistance.
Gold seems to be in a larger degree corrective wave, a probable expanded flat structure, spanning since last several years. The structure might have begun in 2011 after printing highs around $1920 levels. Wave (A) could be defined as the drop between $1920 and $1046 respectively.
The metal broke out of the sideways consolidation finally in May 2019 after printing lows at $1262 mark. It rallied through $2075 highs, potential Wave (B) termination. If the above proposed structure holds well, Gold should remain below $2075 and turn lower.
If the larger degree Wave (C) has resumed, prices would stay below $2075 and eventually break below $1862 interim support. Pullback rallies remain possible but they should remain well capped below $2075 highs, going forward.
Looking at the lower degree wave counts, Gold might be carving a Wave 2 corrective rally and it could push through $2000 levels from here, before finding resistance again. Also note that fibonacci 0.618 retracement of the recent drop between $2075 and $1862 is seen around $2015.
Overall, Gold remains in control of bears after hitting all-time highs around $2075 levels. The yellow metal remains a good case to be sold on rallies from here. Watch out for a counter trend rally materializing towards $2000 mark before reversing.
Short against $2075, target is open.