Gold continues consolidating

The price of gold is still consolidating as shown on the daily chart between the 1281 as support and the 1304 as resistance. At the 1304 level we can find the 200 day EMA, which has been acting as a good resistance. Even though the price has been consolidating, gold has been dropping from the 1365 level and the bearish trend may continue according to the 55 day EMA which is pointing to the downside. In case the 55 day EMA crosses below the 200 day EMA, we could have a death cross pattern which has bearish implications in the mid-term. To the downside, the 1281 level may act as support, but the 1273 level could act as a better support due to the fact that at that zone we can find the 200 week EMA. Above the 1304, in case of a bullish breakout, the next resistance could be the 1326 level.