As someone that has been in the gold space for 25 years mostly at the exploration, mining, corporate level and social level (see returnaussiegold.net. ) I believe that the macro fundamentals for the gold space are suggesting that we should see a bounce off $1180 (or even $1200). The main theme in the macro space is the increasing disconnect between the physical and derivatives markets which is currently being driven by . This is (and will be exponentially) closely followed by private ownership which will start ramping up during the later half/quarter of 2015.
In short, it's seems reasonable that we'll see the gold price smashed down to the $1000 mark, but fundamentals will drive it back up quickly...and as someone that's building two gold mines, this is not what I want to hear but hedging is the key!
Please provide your feedback on my charting above, as I'm interested and keen to learn more...thanks and cheers Rod