After the fall of EUR against USD, and the announcement of ECB with regard the interest rate, there has been a little move up on GOLD. It could also be interpreted as an upside technical correction because of the very low level of the indicators such as STOCH, William%R or even RSI. Having said that, although there may be a little room on the upside towards 1275-1280, the overall perspective remain on the downside with 1240- 1220 and 1180 as headline goals.