Gold Is Consolidating

Gold broke above the resistance at 1190 and rallied towards the next resistance at 1263, then bounced off of that level. For the moment the resistance at 1190 has turned into a level of support and Gold has yet to break below it. It is currently consolidating, but if it does manage to break below that level we can probably expect a further move to the downside towards the next level of support at 1160. On the other hand, if the rally continues and Gold breaks above the resistance at 1263, it will probably continue climbing towards the next resistance at 1280.