The price failed to rebound yesterday even after it has retraced significantly. It is very likely to have attracted many buyers and the current consolidation may very well be a plot to stop out these buyers before the real trend begins. Therefore, gold is expected to retrace lower which will likely bring it to the bottom of a 1-month rising channel where the demand zone overlaps. Wait for further retracement and look for reversal signal at the demand zone for a buying opportunity.