In about the least surprising event of the year, gold broke to blue sky, got humped in the media and is reversing sharply. It would be nice to see the gold price hold the 2040 area to keep things quite comfortable. However, the lower support levels are also viable. Gold became overbought and this was due.
The very key level, when you back out the thrills and spills of the moment, is where both the daily SMA 50 and SMA 200 are rising into clear support at 1948.
