Gold: Stuck around the 1200.00 level

Gold had a very good fall o bearish pullback, which in reality has become in a trend reversal in the short term. However, once it got to the 1200.00 level, gold stops its falls on that level, something that we had already anticipated due to the fact that the zone is a round number level and a very important psychological area. For now the price of gold in consolidating just above the 1200.00 level, possibly waiting for new information to come into the markets to take a clear direction, either to the upside or to the downside. If the price bounces to the upside from the 1200.00 level, then the 55 day and 200 day exponential moving averages may act as resistances. In case the price breaks below the 1200.00 level, then its next support could be in the 1180.11 zone.