Since the beginning of the year, the commodity gained more than 2.5%, but this past week fell over 0.5% and remains in a bullish phase. Last week the commodity initially rose but found enough resistance 2017 high at 1,357.45 to erase all gains and closed near the low of the week, in addition managed to close within the previous week range, which suggests being slightly on the bearish side of neutral. The stochastic is showing is showing a weak bearish momentum although is above the 50 mid line. Gold appears to consolidate near 2017 high at 1,357.45 (resistance) and 2015 high at 1,307.45 (support). A breakout from this consolidation zone will set in motion a trend for the weeks to come, until then we may expect to sell the highs and buy the lows. Expecting a downward move to a Fibonacci retracement at 1,304.39 on a break below the previous week low at 1,334.87 (scenario 1) however a bounce from a Fibonacci retracement at 1,304.39 may trigger another bullish run up to other Fibonacci retracement at 1,327.93 (scenario 2).