Gold weekly chart indicate a weak Inside day pattern (open to either a Reversal or Continuation pattern). This also indicate that price action could consolidate between 1205 to 1160 range and only a break of either direction will trigger a bigger move.
1st scenario
Break and close below 1160 then AB = CD pattern could play out to target 1130 levels again for a possible Double Bottom. Note that 1155 could be strong support since it marks the 61.8% Fib from 2008 low to 2011 high. In addition, there are strong buying wicks every time price breach that level.
2nd scenario
Break and close above 1205 then short term bottom at 1160 and a retest of 1225 and 1232 is open again. We will not rule out a retest of 100 WMA. Note that RSI continue to show bullish divergence on the weekly chart.
Good luck.
1st scenario
Break and close below 1160 then AB = CD pattern could play out to target 1130 levels again for a possible Double Bottom. Note that 1155 could be strong support since it marks the 61.8% Fib from 2008 low to 2011 high. In addition, there are strong buying wicks every time price breach that level.
2nd scenario
Break and close above 1205 then short term bottom at 1160 and a retest of 1225 and 1232 is open again. We will not rule out a retest of 100 WMA. Note that RSI continue to show bullish divergence on the weekly chart.
Good luck.