Gold Technical Analysis: shuffling in place above $1,230.00

• The past twenty-four hours has seen Gold trading in a rough range from 1,230.00 to 1,236.00, and precious metals traders had a tough time picking a direction as Gold hangs around it’s non-trending 50- and 200-hour moving averages.

XAU/USD M5

• The past week has seen Gold recover from 1,211.00 to 1,235.00, and stalled momentum could see Gold’s early-week action wrestling with support from the 200-period moving average sitting near 1,230.45 on 15-Minute candles.

XAU/USD M15

• Looking towards the medium-term, Gold continues to consolidate near the 1,230.00 level, and last week’s decline into 1,212.00 was quickly faded out by metals bidders, but goldbugs are struggling to find wheels to keep the XAU/USD moving beyond the current constraint levels.

XAU/USD H4