Gold sold off after reaching $2,060 early in May. Economists at ANZ Bank analyze XAU/USD technical outlook.

At critical trendline support

Currently, prices are consolidating near the trend line support of $1,950-1,960, which is also the 100-DMA. Moves from here will provide future price guidance.

If the price bounces from here, the uptrend is likely to continue toward the previous high of $2,060. This would increase the possibility of the price moving towards $2,100, as the bullish upward channel is pointing in that direction. 

If, on the other hand, the price falls below $1,950, it could trigger a sell-off and prices could fall to the next support of $1,800