Must we think that gold cannot rise above these key resistance levels ...?!

We identified ~923 as one key Fibonacci level, and if gold can surmount it then the ~958 level comes into focus. Shown below is the daily chart in which gold has been having difficulty with the 923 level, although still in an uptrend channel. I still consider it to be working on a large Elliott Wave "B" up. (This means counting the "Y" level at the bottom of the weekly chart, as forming the even larger "A" wave low from which the "B" wave is a corrective movement upward.) If the "B" wave up is part of a large Elliott Wave flat, then it "should" get to ~998.61 before reversing downward in the following "C" wave down. But it doesn't "have" to do that. It is quite interesting that this same Fibonacci level also happens to be the area of a downtrending resistance line on the weekly chart (below, after the daily chart) (and that's also the level of the prior "B" wave I've marked on the weekly chart - a level many gold traders are watching).

If gold fails the level of 899, it can still test support at ~ 880, or even dip further and still remain within the uptrending channels on the daily chart. It even looks like it's forming another small H&S (head and shoulders) pattern on the daily chart, that would point to testing down to channel support or Bollinger Band midline support (about the 20-day moving average). Under those channel trendlines would look bearish, of course. There are still lower levels that are contained within the longer-range uptrending channels on the weekly chart, but it would not be a bad idea for position traders to TMAR (take money and run) any long-side profits if gold loses the uptrend channel on the daily chart. Right now, that channel is just about at 850, which also looks like an important pivot support/resistance level on the charts.

Other Elliott Wave patterns do have the possibility of playing out on the gold chart, so it is helpful to have the input from cycles, sentiment and the technical indicators also. The ChartsEdge cycle chart looks consistent with the idea of a pullback to support at the 20-day MA and channel support, before a probe higher to that ~958 level, so we'll see on that. The indicators are weakening but do not rule out a push higher like that. One thing is for certain - the move up from 681 is not a clean impulse wave, so viewing this as likely part of a very large corrective pattern remains the most reasonable approach. This means assuming gold is tracing out the large Elliott Wave "B" I mentioned above, unless gold proves otherwise.