Gold has been trading in a consolidation/congestion pattern, with higher lows and lower highs since finding support near 1530 on May 15. Note in the 4H chart, the flat 200-4H-SMA, the whipsaw action between moving averages, as well as between price and the MAs. The RSI has been tagging 70 and 30 without any development of momentum in one direction. Most of all, price action shows consolidation. It has been bearish since last week (July 3), and is now falling to toward 1550, which would come up against the consolidation pattern support. A break below this exposes key support at 1522-1530, which is seen in the daily ... (full story)