After failing to hold above 1200, gold started to fall last week. This week, the drop extended below a rising trendline, and the precious metal now looks bearish at least in the short-term.Gold (XAU/USD) 4H Chart 6/25(click to enlarge) The 4H gold chart shows the slide since last week, which has also pushed price below the 200-, 100-, and 50-period simple moving averages (SMAs) as well as a common support around 1175. However, price action is stalling above 1170, and the RSI shows oversold condition. Now if the market has indeed turned bearish, don't expect a pullback to extend above 1190. We might see resistance in the 1180-1185 area. To the downside, the 1161.30 low would be in sight. If price does reach 1161.30, there would be further downside risk towards the low on the year around 1143.Gold (XAU/USD) Daily Chart 6/25(click to enlarge)The daily chart shows the slight bearish bias as price essentially consolidated in 2015, with an initial bullish correction. WE can see that after opening the year with a bullish attempt, price fell to a new low on the year around 1143. Note that price action has been holding under the 200-day SMA, and is now under the cluster of 200-, 100-, and 50-day SMA. Also note that since tagging below in March, the RSI has been holding below 60 for the most part, which reflects development of bearish momentum. Due to the prevailing downtrend coming into 2015, and the bearish bias since March, gold has a bearish outlook that puts the 1143 low in sight, with risk of price extending even lower.