The gold consolidation has been occuring for nearly 6 months and the price been bouncing off the green support line which has formed from the previous 2011 high. There is also a resistance zone which has been created when gold was breaking down lower in 2012. That along with the support line from the recent rally has created a convergence point where I feel the price will bottom and ascend higher once it has been met (around $1750/oz). I am still incredibly bullish on gold and will only change my view if we drop below this green support zone.
