The rally in gold is taking a pause as price action has barely managed to post any new highs. The 1981 price region is proving hard to breach for the momentum.

Despite this, a breakout above this level might see gold prices easily reaching out for the key 2000 level.

The consolidation, however, opens the risk of a downside in gold. A close below 1950 might see a correction lower.

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The next key level will be the 1900 price region followed by the 1850 handle next.

The lower high in the Stochastics is also something to bear in mind.

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