Gold is setting up for another down-move that might soon begin.
The past few days have seen gold bouncing, but it might likely fail soon and bring into play major long-term support.
Considering the near-term the bounce currently looks corrective and may end at any time. Rally attempts keep failing, leading to overlapping price action, which often indicates a counter-trend move is underway and not a reversal.
As such, another low at 1688 undercut won’t be long.