I am still long-term bull with gold , however it is clear to me that this move wants to retest the 1220 area as this was significant resistance over the past few weeks. There's currently a on the 1D chart, and the is looking to test a break back down. Furthermore, the golden cross that we got this week, looks like it wants to retest the 100 .
I am currently holding a short position from 1237, and will be looking to re-enter long off a bounce from the 1210-1220 area.
Gold still has bull momentum, and is still within the trend-line (both price and ). On top of that, the Fed isn't going to raise rates in March, so my long-term opinion on gold hasn't changed.
I'm not guaranteeing that there will be a bounce at this level, I'm simply saying that due to the amount of time it took bulls to pass through this level (3 attempts to break and close above 1220), we are likely to see support at this level.
If we break and close below this level, I will be adding to my short position.
It doesn't seem ready to drop hard yet in my opinion, as it managed to bounce and close above the 100 level two days in a row.
If not I will be adding to my short.