Consolidation continues on gold

Since the beginning of this year, the price of gold had been in a range between the 1300 and the 1365. However, a week ago the price broke below the 200 day EMA blue line and the 1300 level. The price then drops to the 1281 level where it consolidates during the last few days. Now, the 1300 level may act as resistance along with the 200 day EMA. On the other hand, the 55 day EMA, purple line, is pointing to the downside, indicating that the price may continue lower or that a bearish trend is initiating. The price is really consolidating, but if it breaks below the 1281 level, then the 1273 level may act as a better support, due to the fact that in that level is where we find the 200 week EMA. Going further down, the low at the 1236 is its most relevant support in the mid-term.