Is Gold on Its Way Down?

Gold ended the week in a roller coaster ride going from $1,335 to $1,356 and then back below $1,334. Currently, the precious metal is trading somewhat higher at a price of $1,339-$1,340. Although Gold made a very impressive rally since the beginning of the year, it is having a hard time going above $1,375. 

With the latest drop, Gold went below the support line on the short-term bullish trend and is now in the hands of bears. If they continue to impact the price, Gold might reach it's previous pivot points at $1,311, $1,250 and $1,205. 

Although it is still to early to make a fair judgement, it appears that Gold is losing momentum and needs a heavy uplifting from the bulls in order to keep climbing.

Chart: XAU/USD H4