Consolidation on gold may be a resting point

The drop on gold has stopped momentarily around the 1219.11 zone as shown on the daily chart of the precious metal and for the last few days it consolidates there. The consolidation may act as a resting zone, from where the price may continue falling. A visit to the 1200.00 level may happen in the coming days. The 1200.00 level may act again as support. To the upside there are a few important levels that may act as resistance, but in reality, the price of gold may stay consolidated in the longer term between the 1200.00 level and the 1300.00 level. The most important supports are the 1241.45 level, the 200 day EMA and obviously, the 1300.00 level.