Gold reaches the 1200 zone

We have been following the price of gold during the past few days and today we see that it has reached the 1200 zone along with the 55 day EMA, purple line, around the 1194. There is a high probability of seeing a bearish bounce from this area, since we have the 1200 psychological level and the 55 EMA on the area. But if gold breaks above the 1200 level, then it may try to go and visit the 200 day EMA, blue line, which is around the 1234 level. The rally on gold may be due to a bearish retracement on the Dollar, which has raised the demand of the precious metal. To the downside, the most important support is still the low made around the 1122 level on the daily chart.