Infact, looking at the , GOLD FX_IDC:XAUUSD is really just in some lateral consolidation movement.
If you check carefully though, May seem to have been a candle, and the upwards swing of last week could really be a retest of the and also a pattern forming its "C" point, right around 1317.
Therefore, potentially gold could be in a false break of a neckline ( mentioned above), and, following the pattern towards its "D" target area, we would coincidentally also hit a right shoulder of a weekly , which would confirm 1047 as a long term bottom and would have, a weekly long term target in the 1500 area.
Of course, under these terms it is potentially hard to find the right short entry level, mainly due to the difficulties in selecting the right stop loss. Let's keep an eye on this, for the moment, and, if we have confirmation of this model, let's see if we are able to find a good entry point on minor timeframes.