New York: Spot gold continues to consolidate below intermediate resistance at $430, closing at $424.30 on Friday. The longer that the consolidation continues, the less certain we can be about the likely direction of the breakout. A downward breakout (below $420) would likely test primary support at $410; an upward breakout would test resistance at $445. A fall below $410 would signal that the primary trend has reversed; while another secondary peak below $450 would also be a strong bear signal.
