Gold tumbled on Friday, falling back below the support (now turned into resistance) hurdle of 1225 (R1). The slide was stopped near the 1210 (S1) barrier and then the metal rebounded to see the 1225 (R1) level as a resistance. The fact that gold is trading below the downtrend line taken from the peak of the 11th of March combined with the dip below 1225 (R1) keeps the short-term outlook negative in my view. I would expect the forthcoming wave to be negative, perhaps for another test near the 1210 (S1) line, where a break could aim for the round figure of 1200 (S2). Our short-term oscillators support the notion as well. The RSI stands below its downside resistance line and below the 50 barrier, while the MACD lies below both its zero and trigger lines, pointing south. Switching to the daily chart, I see that the dip below 1225 (R1) on the 23rd of March has signaled the completion of a failure swing top formation. The fact that the precious metal is trading back below that obstacle makes me believe that the medium-term bias has turned to the downside as well.