Gold touched $1300 for the first time since early November but a larger level looms. The key resistance level for gold is the 200-day moving average at $1304. Prices have held below that level since Feb 2013.

Gold daily chart

Gold daily with 200dma

If that level breaks, it’s looking more and more like a double bottom is possible from $1187.

Another interesting note is that several gold miners reported results today and they’re shedding assets and lowering production. Barrick, which is the world’s largest gold mining company, said it expected to produce between 6 million and 6.5 million ounces of gold this year compared with nearly 7.2 million ounces in 2013.

Falling production will tighten supply and could underscore a rebound.