In the previous looks at gold (XAU/USD), I noted that a rising trendline was broken, and that a double top was completed. With this technical picture, I proposed a bearish outlook. A week later, it looks like I might be wrong. XAU/USD 4H Chart 2/2(click to enlarge)Double Top Fails to Hold:- Looking at the 4H chart, we can definitely spot the broken trendline and the double top.- The RSI even pushed below 30, which reflects start of bearish momentum.- However, as price pulled back, it failed to hold under 1200. - I think this failure reflects the failure of the bears to maintain control.- Furthermore, the RSI pushed above 60, which shows loss of the prevailing bearish momentum.- The price action during the 2/1 session was also indicative of a bullish market developing.- There was a test of 1200 as support, and the market confirmed by buying at 1200, propping xau/usd up to almost 1210 by the end of the 2/1 session.XAU/USD Daily Chart 2/2(click to enlarge)Bullish Outlook:- The bullish outlook above 1220 would be the 1250 pivot, where we might see support turned into resistance.