This week, gold consolidated and actually rebounded from around 1180 a previous support area in early May. In the 4H chart, we can see that this rally briefly popped up above the cluster of 200-, 100-, and 50-period SMAs as well as the key 1200 handle. Gold (XAU/USD) 4H Chart 6/4 (click to enlarge) Now after that brief break above 1200 traders remained bearish on gold and has pushed it into new lows on the week/month. The fact that the SMAs along with 1200 essentially acted as resistance shows that bears are in control. Also note that the 4H RSI held under 60, which reflects maintenance of the bearish momentum. Ahead of tomorrow's US NFP report, it seems like the market is pricing in a strong print, one that would reinforce the expectation of a September rate hike by the FOMC. Gold (XAU/USD) Daily Chart 6/4 (click to enlarge)If price can hold under 1185 after the jobs report, gold should have 1169 and then the low on the year at 1143 in sight. It will take a clear break above 1200 to shelve this bearish outlook.