A person being interviewed on Bloomberg today (2/19) spoke of Soros liquidating his long gold position. I find that odd....and bullish. In the past when he's revealed his position (selling the dollar, for example) it was at a major turning point in favor of the dollar. I don't trust these big hitters one bit.
I would only add that a reversal higher... and one that enables Gold to recapture 1650 would essentially heal the damage done... and save an ugly looking chart. An oversold bounce to 1625 means little. My concern -- a bullish concern -- is that people are beginning to talk once again of deflation. And those periods have typically been short-lived. Thus, I'd be inclined to look carefully at your near term support levels, not 120.