The market for Gold closed more or less neutral as a sharp selloff early in the week was countered by a late-week rally to prolong the sideways consolidation theme dominating the current trading environment for gold.
Of prime importance last week was the noticeable bounce off the $1200 major round number and area of support and resistance that happened to fall in confluence with a rising support trend line.
The bullish momentum from the impact has sent price closer to the $1240 level which, if tested early this week, could pose an interesting scenario and a potential bullish breakout environment. For now, the market seems obviously sideways and choppy which we suspect will remain the theme going into this week unless we see a confident break past the $1240 level or a sharp break under the $1200 mark.
