Since the beginning of the year, the commodity gained more than 2.0%, but this past week fell over 1.0% and remains in a bullish phase since late December 2017.
Last week the commodity fell with a narrow range and closed near the low of the week, although managed to close within the previous week range, which suggests being slightly on the bearish side of neutral.
The stochastic is showing is showing lack of momentum and is above the 50 mid line.
Gold appears to consolidating near 2017 high at 1,357.45 (resistance) and 2015 high at 1,307.45 (support). A breakout from this consolidation zone will set in motion a trend for the weeks, until then we may expect to sell the highs and buy the lows.
Expecting an upward move to a 2017 high at 1,357.45 on a bounce from a Fibonacci retracement at 1,327.93 (scenario 1) however a bounce from the 2017 high at 1,357.45 may trigger another bearish run down to 2015 high at 1,307.45 (scenario 2).