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Gold at the Crossroad: Resistance Ahead

Gold was in a sharp rally from the 1081 low on the year to 1170. Then it retreated sharply as well to 1118. As we wrap up the week, gold is at he crossroad. 

Gold (XAU/USD) 4H Chart 8/28
(click to enlarge)

In the 4H chart, we can see that price broke below the 50-period simple moving average and a rising trendline. This could signal the end of the prevailing uptrend, but it looks like the bulls still have gas and is trying to climb back. However, if price fails to push above 1145, the bearish outlook is more likely. with he 1100 and 1100 levels as the short-term bearish outlook. 

If price climbs back above 1145 on the other hand, the 1170 high might be back in sight.