Consolidation on gold continues. The precious metal keeps consolidating between the 1187 level as support and the 1214 level as resistance. Gold has been consolidating for the last twenty sessions in the same area as shown on the daily chart. Just above the 1214 level we can see the 55 day EMA and above that moving average we have a confluence area at the 1266 level where we can find the 200 day EMA, 200 week EMA and 55 week EMA. On the weekly chart the 55 week EMA has crossed below the 200 week EMA forming a death cross pattern. Therefore, gold may continue dropping below the 1187 level to visit the low at the 1160 level.