Gold could provide another level of support at this W-breakout neckline.

Gold at critical crossroads as the old all-time high needs to prove itself as valid support. If it can’t do so, a major bull trap will be confirmed.

Buying the dips toward the trendline support may be the only viable new-entry strategy for gold.

This gold consolidation looks bullish but no rush is needed without a breakout, because bears can easily claim this is a topping formation.

As there is no short-term progress (ie breakout off the consolidation action) in the gold market, the weekly shows that the reason maybe some strong hands unloading just ahead of gold getting into the historic highs resistance area.

Gold bugs are not delivering a bullish breakout from the consolidation at the yearly highs, so I am showing the next support levels on the chart.

Gold’s consolidation is patience-wracking, but the tight price range will give a $80 measured target in the direction of the valid breakout, whenever this comes.