Gold Weekly Technical Outlook

Gold was still bounded in the consolidation pattern from 1287.8 last week and outlook is unchanged. At this point, we'd expect strong support from 38.2% retracement of 1045.4 to 1287.8 at 1195.2 to contain downside in case of deeper fall. Rise from 1045.4 is expected at a later stage to break through 1287.8.

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/technical/gold-weekly-technical-outlook-2016042332767/