it looks that way, BUT we got a couple of significant levels to break to the downside first: 1237.50, 1227.50, and of course 1180.15 and 1175.25. furthermore, although i am not saying the following as 'proof' of anything, on the monthly chart price so far stays inside the ichimoku cloud and found support exactly at the bottom boundary of said cloud. how tidy ;) . in any case, the next few weeks will tell, what with taper or taper-not and stock market action. if the sharks start dumping stocks, look for significant inflows into gold, and if that happens, you'll see your bear running for the woods and the mother of all short squeezes.
forgot to add that also 1180 or thereabouts might turn out where we get a double bottom, in which case the projected targeted according to classical tech analysis would around 1668 (+ or - ;) ), which also coincides with the yearly pivot and the monthly/weekly 78.6% fib retracement from the most recent top before the drop at 1795 or so. this is the time to be cunning. also monthly oscillators (take your pick but depends on the input parameters you select; anyway, mine are quite accurate so i'll be speaking from that) just entered OS, which by itself means nothing. that is to say, it could mean that now is the time to find another level to short into because the market is ready to go bearish full tilt.... or (unlikely) the market is showing the very early signs of bearish exhaustion until it gets ready to point up again... but since this is on a monthly chart, inertial momentum has to be counted not in days, but weeks at the very least and so it might be a 'long' time before the scenario i outlined in my previous post actually comes to pass. therefore, it seems more likely that we'll see the downside first before we get back up to the previous highs.