Sydney, Jul.18, daily stocks .- Gold is consolidating in a narrow range below resistance at $1300 — a bullish sign. Upward breakout would penetrate the descending trendline, suggesting a bottom is forming. Reversal below $1270, however, would indicate another test of $1200. Failure of support at $1200 would offer a medium-term target of $1100*.
The monthly chart shows a primary trendline some way above current price action. Even a rally to $1400 would not disrupt the primary down-trend.