Death cross on gold

A few days ago we identified on the daily chart of gold that there could be a death cross in the coming days. A death cross is when the 55 day exponential moving average crosses below the 200 day exponential moving average with bearish implications in the longer term. Today we can see that the death cross has been confirmed, even though the price of gold has retraced to the upside. From the 1200.00 level, gold may bounce back down and continue with its bearish trend. If gold breaks below the 1170.90 level, then it may try to go and visit the 1100.00 level. On the other hand, gold may try to pull back a little bit higher and it if does, then it may try to visit the 1241.45 zone, which could act as resistance.