Gold has been bearish since it tagged 1300 at the beginning of May. Last week, I noted that it was entering a buy-zone as it approached 1200. This week, we can see that there were indeed buyers at 1200, continuing up to 1248 by the end of the week.Previous Post: Gold count be entering a buy zone XAU/USD 4H Chart 6/6(click to enlarge) Even though there was buying at 1200, we should not be too bullish on gold. After all it broke below a rising channel support to get to 1200. The weekly chart will show that at best, gold is sideways, if not still bearish. In the very short-term, there is strong bullish momentum from Friday, when the USD plunged across the board after disappointing jobs data. However, I suspect that as price approaches the 1260-1270 area, there will be sellers. This is an support/resistance pivot area and should provide selling with downside back towards 1200. XAU/USD Weekly Chart 6/6(click to enlarge)