Gold price has been consolidating since reaching a new low on the year at 1130 at the end of last week. As we can see in the 4H chart, price has rallied to 1178.75 and retreated, eventually forming a triangle throughout this week. When we look at the 4H chart, the technical conditions are still bearish. 1) The 200-, 100-, and 50-period SMAs are sloping down and in bearish alignment. 2) Price is holding below the noted SMAs. 3) The 4H RSI held below 60 for the most part, showing maintenance of the bearish momentum. 4) Finally, price action is starting to move below the triangle consolidation pattern, signaling bearish ... (full story)