By Sumit Roy
Let's take a look at the big picture for gold.
Gold (Daily Chart)
The $1,800 level has proven to be formidable resistance for gold, having stopped the yellow metal in its tracks on three separate occasions over the past year. Likewise, the $1,550 level has turned out to be a key support level on the downside. Most analysts are bullish, and argue that prices are merely consolidating before they begin to climb again in 2013 on the back of continued ultra-loose central bank monetary policies.
In contrast, bears say that prices are in the process of topping out and will put in an annual decline for the first time in 13 years next year. They point to price weakness following the Fed's QE3 and QE4 announcements as evidence that the rally is running out of steam.