Gold still largely consolidating above $1,900 for now
After the sharp fall on 11 August last week and the drop below $1,900 on 12 August, gold buyers managed to pull things back up and since then we have been seeing price action consolidate above $1,900 levels.
The notable change in the price action momentum today is that buyers managed to move above the 100-hour MA (red line) and that has turned the near-term bias to being more neutral from being more bearish previously.
That said, I'm still not entirely convinced by any significant upside jump unless buyers can also move closer to the 200-hour MA (blue line) and preferably the $2,000 mark.
As such, I would argue that the volatile "consolidation" for gold is still somewhat continuing with downside momentum also limited by the key trendline support @ $1,871.20:
It seems like gold is taking a bit of a breather between these levels with price action potentially being more choppy until either buyers or sellers can establish more significant momentum to break the technical levels highlighted.
