Gold: Will 1135 be a reflection point or an inflection point?

Late last week, we highlighted a rounded bottom pattern in gold, concluding that “the short-term bias in gold points higher as long as the yellow metal remains above the key 1100-1110 zone. To the topside, the key levels to watch in the coming week will be the 200-day MA at 1130, followed by the 61.8% and 78.6% Fibonacci retracements of the Oct-Nov drop at 1135 and 1160, respectively.“ After a decent rally Monday, the first resistance level has already been reached, and the more we look at it, the more significant that barrier becomes.