Gold consolidation likely to resolve lower
Gold is in consolidation mode following the decline at the end of last week. This bearish trend continues to remain in place, with lower highs remaining unless we see a break above the $1220 mark.
Even if that was to occur, it is likely that we would be looking at a retracement of the wider sell-off from $1236. As such, a bearish outlook remains in place as long as we trade below $1236, with price action below $1220 pointing towards a near-term fall for gold.