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Gold Consolidates Around 1300 - Look for a Breakout

Gold slid sharply this week, erasing 2 weeks of gains in April in just one session. Traders have since stabilized gold price around the 1300 handle. 


(xauusd 1h chart, 4/17)

Consolidation range:
The 1H chart shows a consolidation. Avoiding the spike, we can see the range roughly between 1293.50 and 1307. Note that both these levels were previous support/resistance pivots.

Breakout scenarios:
A break above the range maintains a neutral-bullish outlook that is poised to test the 1330 handle.

A break below, maintains a neutral-bearish mode, with the 1277 low in sight.