Gold nears the 1200 level

The 1200 zone has been a good support-resistance area in the past for gold as we can see on the daily chart. Over the same daily chart we can see that the 55 day exponential moving average is very close to the 1200 level, making that zone even more relevant. The price of gold could bounce to the upside around the 1200 zone, but if it breaks that zone to the downside, then the 200 day exponential moving average, which is around the 55 week EMA, could act as support. To the upside, the 1257 zone, which is where the 200 week EMA is, could continue acting as resistance.