Gold $XAUUSD has been consolidating since October. The overall 2017 trend is still bullish, and price could be described to be in a rising channel as we can see on the daily chart below.XAUUSD Daily Chart(click to enlarge)Channel Support:- Price has been trading around 1280, roughly between 1260 and 1300.- As price retreats towards 1260 this week, XAU/USD is approaching 1) the rising channel support, and 2) the 200-day simple moving average (SMA). - Now, price has not also held above the 200-day SMA, but if price does hold above 1260 and the 200-day SMA, it would look even more bullish.- When we look at the weekly chart, we can see that gold just came off a multi-year bear market, but has been recovering since 2016. It looks like there is still some upside with 1500 in sight. - A break below 1250 however would suggest more sideways-bearish action with downside to 1200, then possibly back to test the 2015-2016 lows around the 1050-1100 area. XAU/USD Weekly Chart(click to enlarge)