Gold has been retreating since last week when it marked a high on the month at 1238.25. This week, the FOMC statement is keeping gold around 1200. But the fact that gold is still hanging around 1200 after the FOMC-reaction, shows that the previous metal is resilient and that it could simply be waiting for USD to settle down before making its move. (Gold 4H Chart 12/19; click to enlarge) A break above 1215 would put gold above a falling consolidation resistance line, and above the 200-, 100-, and 50-period SMAs in the 4H Chart. This should signal bullish continuation, but the daily chart shows that gold is at the crossroads and the bullish scenario needs to break another threshold before it can gain traction. (Gold Daily Chart 12/19; click to enlarge) The daily chart shows that gold is still bearish in the medium-term because it has respected the falling trendline and the daily RSI is held below 60. Now, a break above 1240 would break these bearish barriers and extend the bullish outlook into the medium-term. In this scenario, even if we are not sure about the bullish outlook, we should consider capping any bearish outlook. With the bearish trend shifted, we can start looking at the 1130-1150 area as a key support in the context of at least a sideways if not bullish market.The monthly chart gives us a premature glimpse of what the December monthly candle can do. After a "star" in November, if the December candle can close above 1200, we would have a bullish reversal candlestick combination. With a 3-pt bullish divergence, this would add weight to the case for a bullish outlook. (Gold Monthly Chart; click to enlarge)