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Looking at the weekly Gold Futures chart, price has continued to consolidate between the 1220 and 1280 range.
Since the MACD bullish upcross occurred earlier in the year, PA has been stuck within a narrow range. The MACD histogram has fallen modestly in recent weeks from 23.4 to 21.3 meaning upward momentum has slowed, however is still moving upwards.
The stochastic formed higher lows during Q1 which is considered a bullish signal. Currently within the bullish continuation region, however threatening to fall out. If it were to fall out, price would be considered overbought and it may fall back under 1200 in coming weeks. IMO this could be considered a buying opportunity and would need to be reassessed at that time.
I am still overall bullish on the Gold price over the next 6 -12mths and have a year-end price target high of $1500.
For earlier charts of Gold see here.
