Gold had a small drop

After gold started retracing to the downside from the 1300 level, the price has entered a consolidation or congestion zone between the 1200 level and the 1300 level as shown on the daily chart of the precious metal. Price has reached the 55 day exponential moving average, around the 1244 zone and stalls there. That moving average may act as a support and a bullish bounce from there may take the price to the 1300 again, but if it breaks it, price may drop towards the 1200 area or to the 200 day exponential moving average around the 1190 level.