XAU/USD 4H Chart: Double Bottom

XAU/USD is currently located somewhat in the middle between the current December high and the same month's low around 1,067. Earlier last week markets could expect a bullish break-out from the yellow metal, but for now gold seems to be unable to leave the vicinity of the 200-period SMA. This moving average coincides with both 55/100-period SMAs right now, as they all are building a very formidable resistance for the metal. Technical indicators are also pointing down, even though SWFX market sentiment remains slightly bullish on gold (54%). The key bearish goal is placed at 1,048 (Dec low), a decline below which would trigger a deeper sell-off below the 2010 low at 1,044.