We look back: With the breakout above USD 1,920 last week, the gold bulls neutralised the downward trend since the all-time high at USD 2,074 and also reached the next highest price hurdle at USD 1,973. This was followed by a sharp sell-off, which, however, ended at USD 1,875 and turned into a new mini-rally. This led repeatedly over the small hurdle at USD 1,940, but then lost momentum and thus threatens to turn into a second correction wave.

Outlook: In the short term, gold could continue the small countermovement again to USD 1,920 and 1,900. There, however, the bulls should become active, leave the area around USD 1,940 behind and aim for the hurdle at USD 1,973. A breakout above the resistance would lead to a buying wave up to USD 2,015. Above that, the way to the all-time high at USD 2,074 would be clear.

In contrast, declines below USD 1,900 could interrupt the rally phase and cause a correction to USD 1,875. A further rise could be expected here. If this support is broken, one would have to be prepared for losses to USD 1,833.