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Gold to see some bearish correction

Gold (XAU/US) price action this week so far suggests a consolidation period ahead.

Gold Weekly Chart 7/14

(click to enlarge)

Broken trendline:
Note that we recently saw price break a falling trendline. 
Price also broke above the 200-week simple moving average.
The RSI tagged 70 for the first time since gold retreated from a historic high in 2011.
Basically, we are seeing bullish breakout and momentum leading up to this week's consolidation price action.

Stalking the bearish correction: 
Within the anticipated consolidation, there should be a bearish correction component.
I think downside risk will be limited to 1250, where price will be supported by a previous pivot and a rising trendline. 
If the bullish breakout is to extend, there is upside towards 1425-1430 after the bearish pullback.
If price breaks below 1250 however, we might have to shelf the bullish outlook and consider XAU/USD sideways  in the medium-term, with a short-term bearish outlook towards 1100 .