The precious metal is trading soft on Monday right after prices touched a new all-time high last Friday.
The pace of declines is, however, limited. This means that the upside is still likely to prevail.
On the 4-hour chart, we see that price action is supported by the lower end of the rising price channel.
A rebound off this line will need to see gold prices making higher highs.
Failure to post new gains could potentially put the precious metal at risk of a correction.
Immediate support is near the 1967 handle if the psychological support area near 2000 gives way.
