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Gold Bounces off Support and Remains in Consolidation

Last week, gold failed to hold above 1300 and fell.

(gold 5/12, 4h chart)

Support: Traders started this week trading gold down to 1276, which was a previous support level as well as a projected rising support. There trades bought gold again and the 4H chart shows a strong rebound, keeping gold from turning bearish again.

Consolidation/Bearish: Gold remains in consolidation, but there is bearish bias from the prevailing down swing from 1392 to 1268.

The 1300 level remains key. A break above 1300-1306 should clear a falling resistance and bring back the bullish outlook again. 

(gold daily chart, 5/12)

Bearish outlook:
Otherwise, if 1300-1306 area shows resistance, the outlook this week is towards 1268. A break below 1265 opens up towards the 1181-1200 area which has the 2013 and 2014 lows, as seen in the daily chart.