Gold: Consolidation followed by a bullish break

The price has been consolidating in a tight range of 1281-1291$. A move above 1291$ could offer a relief rally to 1295$ and 1299-1302$. If fails the support, focus shifts to 1277$ Jan 21 low and 1267$ its 100MA.

The RSI is approaching oversold levels and the oscillator about to turnaround to bullish- Buying above the breakout and dip between 1270-1267$ favors the trend.