Gold (XAU/US) price action this week so far suggests a consolidation period ahead. Gold Weekly Chart 7/14(click to enlarge)Broken trendline:Note that we recently saw price break a falling trendline. Price also broke above the 200-week simple moving average.The RSI tagged 70 for the first time since gold retreated from a historic high in 2011.Basically, we are seeing bullish breakout and momentum leading up to this week's consolidation price action.Stalking the bearish correction: Within the anticipated consolidation, there should be a bearish correction component.I think downside risk will be limited to 1250, where price will be supported by a previous pivot and a rising trendline. If the bullish breakout is to extend, there is upside towards 1425-1430 after the bearish pullback.If price breaks below 1250 however, we might have to shelf the bullish outlook and consider XAU/USD sideways in the medium-term, with a short-term bearish outlook towards 1100 .