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Looking for gold (XAU/USD) to test 1300

Gold (XAU/USD) has been consolidating since it broke above 1300 and other key resistance factors. 

Gold Daily Chart 8/29

(click to enlarge)

Bullish year:
- 2016 has been a bullish year for gold. 
- Price has broken above some key falling trendlines.
- The moving averages have turned into bullish alignment (50-day SMA above 100-day above 200-day). 
- Momentum has been choppy, as evidenced by teh RSI swinging above 70, but failing to hold above 40. 
- At the end of the day though, we can simply tell that the market is bullish in the medium-term by just looking at price action.

- Price action also reflects consolidation since July, in what appears to be a triangle.
- Normally, I would consider buying on the consolidation support area especially if the prevailing trend is bullish like this.
- But, I didn't like Friday's (8/26) price action, which shot up to 1340 but retreated back to where the price started that day. This provides a bearish bias. 

Key support @ 1300:
- Because of this bearish bias, I would anticipate further downside in the near-term and short-term, at least towards 1300.
- Around 1300, we have a rising trendline, a previous resistance pivot.
- A clear break below 1300 would open up further bearish correction against the 2016 trend.
- For example, 1240-1250 is the middle of the previous consolidation range (Feb-June). This area could be a bearish target for the break below 1300. 
- But if 1300 holds, I would look for another attempt to test 1340. Then above 1340, I would suspect bullish continuation to test the 1375 high then the 1400 handle.
- The weekly chart shows that the next key resistance will be in the 1400-1430 area. 

XAU/USD Weekly Chart

(click to enlarge)