GOLD, safety off!

gold 12.02.

Gold make a new step down, but MA100/H4 at 1218 hold yeterdays fall. Strong jump from this morning was probably reaction on BOJ news and JPY strengt, but the joy on gold was short lived after US dollar was covered more then 61.8 loss at USD/JPY. Gold is looking bearish and it looks like the bears are aiming for 1205 level? If gold decline to the 1205 and that level breaks, next step and stronger support could be at 1170/80, that would be the real test for the bulls. That level could be a neckline for possible H&S formation as well!? On the way up, 1232/37 is first resistance, 1255 next, the stronger one. Follow these levels for possible entry!

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