Ahead of tomorrow's US GDP, gold priced in the USD, is in a shaky consolidation. The 1H chart shows the market already in an expanded flat throughout the week. We did see a sharp bearish attempt today, but price rebounded sharply from 1180. Gold (XAU/USD) 1H Chart 5/28(click to enlarge) Still price has so far held below 1190, and is mostly under the 200-, 100-, and 50-hour SMAs while the 1H RSI held below 60. These are signs that there is a bearish bias despite the sharp rebound from 1180. . Gold (XAU/USD) Daily Chart 5/28(click to enlarge) We can see that gold is trading at a rising trendline in the daily chart. A break below the current low of 1180 would clear a rising trendline and open up 1170, then the 1143 low on the year, with the 1130 2014-low in sight as well. However, if price climbs back above 1190, this bearish outlook might be put on hold for the short-term with the 1200 as a key resistance. If price is anchored below 1200, the downside risk would still be in play. However, a break above 1200 opens up a pivot at 1210, as well as well as the 1230-1233 high on the month. Gold (XAU/USD) 4H Chart 5/28(click to enlarge) In the 4H chart we can see that the 1200-1205 area involves a previous support and the cluster of moving averages. As we noted, if price can hold under this area, the bearish outlook would still be in play. US GDP: Friday’s US GDP data will be key to whether gold will break below the rising trendline seen in the daily chart, or climb back above this 1200-1205 area, so monitor these two levels after tomorrow’s key data point.