Commercial short still outnumber long significantly. I would recommend watching COT weekly report closely. There are several support lines below current gold price; I am afraid they will be broken momentarily. That was called the stop-loss hunting; Wall Streets are pretty good at it.
From daily chart of gold price, it looks very bearish. IMHO, gold will stay range bound between 1225 and 1245 for a long while; and then crash below 1200. That probably would be in March or April. I would definitely buy when that happens. Lots of online dealers are offering special prices now, that usually means lower price is ahead.
Indeed, lower price was ahead. Gold might consolidate here for a while; even up a little bit. (no more than 1245).
