Gold is setting up for a "bearish slingshot".XAU/USD 3/30 4H Chart(click to enlarge) Looking at the 4H chart, here are some observations:1) After the break below a rising support, price came down to about 1206 before rebounding. 2) The rally pierced 1240, but found resistance at a key cluster.3) This cluster involves the 200-, 100-, and 50-period simple moving averages, the broken rising support, and a newly projected falling resistance. The fact that gold is now falling from this cluster of resistance is a bearish sign. The crossover below the moving averages, and then turning the moving averages into resistance is in it of itself a bearish signal called a slingshot. We should anticipate a dip towards 1200, Note that 1193 is 38.2% fibonacci retracement of the rally that started in December into March. I think in the time horizon of a week or two, gold has downside risk towards the 1190-1200 area.