Gold price has been retreating in a falling channel but found support last week at 1170:Gold 4H Chart 12/31(click to enlarge)Last week, we saw a failed attempt to break 1200 as price respected this psychological level AND a falling channel resistance. However, this week, price found support at 1180 and succeeded in another attempt to break above 1200 and the falling channel resistance. Price is also now trading above the 200-, 100- and 50-period SMAs, signaling a bullish outlook in the short-term, within a medium-term consolidation mode.The RSI did not reach 70, and therefore did not show bullish momentum, but it does reflect some loss of the prevailing bearish momentum as it pushed above 60 a couple of times. Now, there is some resistance at 1210 and price is retreating. But, if price can hold above 1190, the bullish breakout is still valid, and there is upside at least toward 1220, where we have a major resistance again. Let's refer to the daily chart to look at this resistance.Gold Daily Chart 12/31(click to enlarge) As we can see in the daily chart, the market is at the crossroads between a falling trendline from July's high of 1345 and a rising speedline coming up from the 2014-low made in November, at 1130. Price action does suggest that the prevailing downtrend may have exhausted. It is therefore in a neutral-bearish mode. There is still a bearish bias with price below the 100-day SMA and trendline, while the daily RSI held below 60, showing maintenance of the prevailing bearish momentum.So at 1220, we have the falling trendline, the 100-day SMA, and a previous support/resistance pivot. If price holds below 1220, the bearish mode is still alive. A break above 1220 would suggest that gold is indeed in a consolidation/bullish correction. There would be upside risk to the 1238-40 high, then the 1250-1255 October-high, where the 200-day SMA resides as well.