Gold fell to the lower line of the short-term trend channel after testing the 2000 resistance. Now with the pressure of rising rates and the dollar index, the danger of breaking down increased. Both trend line and Fibonacci %23.6 levels are near the 1972-1795 zone. A break to the downside may extend selling pressures to the middle point of the last bull-run, 1944.
On the other hand, as long as the trend holds, “trend is your friend”. 1983 and 2000 can be followed as resistance points for up moves. Above them, the upper line of the trend channel is at 2010 at the moment and rising as the time passes.
Eurozone CPI data and Powell’s speech might be the main drives for gold this week.