Gold Has Formed Contradicting Signals On Different Time Frames

Gold continues slowly depreciating and on the monthly time frame it is still gravitating toward the zone around the middle line of the Bollinger Bands indicator, which typically draws the price close to it and serves as a very strong support and resistance zone.

On the W1 time frame we can see a breakout of the trend channel, although the price has reached its trend lines on three times, so I would not characterize it as a flag which is a signal for continuation of the bearish move.

On the D1 time frame there is an inverted bullish hammer bar which is a possible signal for a rally.
On the H1 and M30 there is a flag, the height of which is 60 pips at its base and could lead the pair with 60 pips to the downside toward 1219.

As we can see, the signals on the different time frames are rather contradictory, which means that Gold will find support in this zone at least for now and it is possible for the consolidation to continue.