Gold: It consolidates, but keeps its bearish trend

After making a low around the 1063 level, gold stalls its fall during the last two days and it is going sideways as we can see on the daily chart. The 55 day exponential moving average (purple line), around the 1122 level could act as a resistance in case the price retraces to the upside. However, fundamentally there are no reasons yet for gold to rally, unless the Dollar weakens or the risk aversion increases in the markets for any reason. The 1063 level could continue acting as support, but the probability of seeing a breakdown is high.