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 Central Banks. 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