The price of gold in greenback (XAU/USD) has been rallying since mid December from just above 1120 to just above 1260 to start this week. Gold (XAU/USD) Daily Chart (click to enlarge)Bears on the Attack, 1220 is Key:- After tagging 1260 and the 200-day simple moving average (SMA), gold price has been falling sharply.- This price action could be the start of a bearish reversal. Note that price has broken a rising trendline. - But we had similar price action earlier in January. So let's watch what happens at the next key support.- The 1220 area will be the first key support. - If price can hold above 1220, the overall mode in the medium-term is still bullish.- A break below 1220 would extend the current short-term bearish swing into a medium-term bearish signal. - If 1220 is broken, the 1200 and the 1180 area will be the next places to see support. - Furthermore, if price rallies and starts to find resistance at or below 1245, the bearish outlook gains more water.