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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.

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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