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September market the sixth consecutive month of losses for gold and some technical analysts believe the yellow metal needs to steady above the $1,200 to $1,210 per ounce area to encourage short covering, which stoke a swift rally.

“Gold bulls’ next upside near-term price breakout objective is to produce a close in December futures above solid resistance at $1,250.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,200.00. First resistance is seen at today’s high of $1,236.90 and then at $1,240.00. First support is seen at $1,225.00 and then at today’s low of $1,220.40,” notes Kitco.

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Tom Lydon’s clients own shares of GLD.