Chartbook: US Chart Gold (XAU): Lower in consolidation from 2790 record high

Saw continuation of the bull trend to reach record high at 2790 in early Q4 before settling back to consolidate strong gains from the year low at the 2000 level. 

The deep overbought daily and weekly studies highlights risk for deeper corrective pullback and below the 2536, the November pullback low, will open up room for deeper correction to the 2450/2400 congestion area. Lower still, if seen, will see room to the strong support at the 2300/2280 area. Corrective pullback is expected to give way to fresh buying pressure later to extend the broad bullish structure from the 2022 year low. 

Rally through the 2790 high and the 2800 level will see resumption of the underlying bull trend and see scope for extension to the 3000 figure then 3035, projection target .