The main theme for the last couple of sessions has been the chatter from the Fed.

We've had Evans, Harker, Bullard, Williams and Lockhart all making cases for further hikes and April is the month getting all the headlines. That's switched the tone from the risk off environment we saw yesterday following the Belgium attacks, to one of dollar positivity.

Gold seems to be joining in the trade too as it gets weighed down by weaker commodities generally and the pick up in the buck.

Adam aired his fears for bulls yesterday when we were up at 1247 and we've seen two sharp drops since.

Gold H1 chart

The first drop during the Asia session took it down to the area of support seen a week or so ago. The break of that has been sharp down to minor support at 1215. I see possible further support at 1210, 1206 and 1202/00 and the 100 wma at 1195.

Under 1200 things get more interesting as we hit a level that always seems to have a say in the direction.

Gold daily chart

The 1175/85 level has featured in probably 90% of my gold posts. Technically it's been a big player on both sides. There's no reason to say it won't again, if we go there. Added to the level also is the 55 dma at 1184.

Below there is the former 2013 resistance line at 1170, then the 200 & 100 dma's close together at 1136/37.

For bulls, the support at the low 1200's to the wma could mark an important point. Hold and they stay in the game, break and they have a question to ask themselves. Stay in and use 1175/85 as a final line in the sand or turn tail and look for a break?

There looks to enough on the technical front to be able to play it from a short term point of view, trading between the levels, or the longer term by the big levels holding or breaking.

What way will you be playing it?