As we get set for a new week, gold price is trading just under 1200 and a falling channel resistance as we can see in the 4H chart below: (gold 4H chart, 12/29) It should be noted that gold price action in the past couple of months have been more or less sideways, and maybe even slightly bullish. However, since rallying to 1238.25, gold has been bearish. The fact that price is holding below 1200 and the falling channel resistance keeps bulls at bay. The RSI has tagged 30 and held below 60 for the most part, which reflects maintenance of the recent bearish momentum. A dip below 1190 might trigger further downside risk. However, a break above 1200 could open up a bullish attempt that might extend a bullish correction we have seen since gold found support at 1130 in November. The daily chart shows that the rally since November has been challenged by a falling trendline from July as well as the 100-day SMA. Therefore, we can say that the medium-term outlook has been neutral-bearish. However, as noted before a break above 1200 could be an early sign that the mode is shifting towards a more bullish outlook, even though the technical signs on the daily chart are not there yet. The most important clue is usually from price action, and so far since November, gold has been making higher lows and higher highs, so there is a good possibility that the next bullish swing can push above the falling channel and the 100-day SMA. It can do that by breaking above 1220. Then, the next key resistance will be in the 1255-1260 area, which involves the October-high and the 200-day SMA. (gold daily chart 12/29)