GOLD - Consolidation before distribution. Up or down?XAU/USD SpotFX:XAUUSDRLindaXAUUSD continues to consolidate between 5150 and 5210, preparing to close the week with a gain of more than 1.5%. Buyers remain cautious ahead of US producer price index (PPI) data. Uncertainty due to tariffs. Trump may impose new tariffs of up to 15%+ for some countries. US-Iran negotiations took place but were unsuccessful. Iran did not accept the US proposal. The lack of a quick deal is keeping demand for gold as a safe-haven asset. Another conflict in the Middle East. However, the market is not reacting and continues to consolidate within a narrow range, the exit from which may be accompanied by a strong impulse. Technically, the $5,200 level is the nearest resistance. A break above it will open the way to new highs, while a rebound will return the market to the consolidation range. PPI data will be the nearest driver of volatility. Resistance levels: 5210, 5238, 5310 Support levels: 5166, 5144, 5122 Focus on 5150-5144 and 5210. A breakout of one or another consolidation boundary could trigger a distribution phase. Further movement depends on economic and geopolitical data. However, against the backdrop of a complex geopolitical situation and a bullish trend, I expect growth to continue after a retest of support. Best regards, R. Linda!