Gold Weekly Technical Outlook

Gold's sideway consolidation from 1377.5 is still in progress and outlook remains unchanged. Initial bias is neutral this week first and the larger rise from 1045.4 might extend. In that case, we'll be cautious on topping around long term fibonacci level at 1380.98. Decisive break of 1306.0 will be the first sign of trend reversal and will turn focus back to 1199.0 support