Gold- Break of support looks imminent

XAUUSD spent all of last week trading within a range between 2040 and 2020. As I explained in my analysis last Friday, as long as this range remains intact, we cannot determine a direction for the medium term.

At the time of writing, the price is precisely on the support level. However, considering the price action from Friday and so far today, it seems likely that we will experience a downside break. If this occurs, my target is the important support level at 1980.