The gold reached the resistance of the 200 SMA few days ago and corrected down from there. I think that the metals are in a bullish momentum these days so I waited to a bullish reversal to occur – and it eventually did. The gold set a bottom at $1600 and it is about to retry breaking out the 200 SMA. If it succeeds, it might jump to $1650-$1700. A break-down of $1600 will be probably the end of the current bullish session and the metal will resume falling.