Gold is still consolidating in a sideways movement as we expected after the big upward spike following the result of the UK referendum. The price is expected to continue higher towards $1,400. The medium-term trend remains bullish as long as the price is above $1,250 targeting $1,400 and higher.

Gold is trading above the short-term support of $1,314 and above the 4-hour Kumo confirming the trend is bullish in all time frames. A break below $1,314 will change the short-term trend to bearish and could push the price towards $1,290 where cloud support is found.

Green line - weekly support

The weekly chart remains bullish as long as the price is above $1,250. The low from last week is the most important level for the long and medium-term trend. Breaking below $1,250 could push the price towards $1,150. However, my preferred scenario sees gold moving soon towards $1,400-$1,450.