Gold Consolidating

Gold entered into consolidation since yesterday morning when it was trading at 1,233. Until now the precious metal has not made any significant moves and is trading around the $1,230 level.

Main trend for the long-term remains bearish with strong resistance at $1,285, strong support at $1,133.

On the other hand, short-term Gold looks bullish with first support level at $1,220, first resistance level at $1,240. $1,294 is the possible target for bulls and having in mind current economic state of both the EU and the US, Gold bugs might make a flight to safety and turn to Gold as an all-time safe haven once again.

Chart: XAU/USD H4