Since the start of the year the precious metal fell 10.5% and fell more than 0.5% this past week.
Last week the Gold initially fell but found yet gain enough support at the 1045.27 Fibonacci extension and closed in the middle of the weekly range also closing within the previous week range suggesting that is in a consolidation mode.
The Stochastic is coming off from an extreme oversold level and is showing a light bullish momentum however is still below the 50 mid line.
Last week Gold failed to make new lows and continues in a well-established bearish phase, trading below all three 10, 50 and 200 week moving averages.
Expecting an upward move to a weekly resistance at 1131.65 on a break above a key level at 1098.62 (scenario 1) or a bounce from a Fibonacci level at 1045.27 could push the precious metal up to a key level at 1098.62 (scenario 2).