I doubt the gold will drop below 1240

FX:XAUUSD   Gold Spot / U.S. Dollar
209 1 7
if 1240 comes before 1280 and actually hold this down wave we might be forminh an inversed H&S with 1280s necklne for the next up wave.

as the feds are pushing the dollar down, the gold             should continue going up to 1300s level before it corrects.

i'm predecting an inversed head & shoulders with its neckline break the previous YTD high for 1300 to come. a break below 1240-1220 range will invalidate this.
Similar analysis! :)
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