1160 is an important entry point if you want to go long with Gold.
I told since gold is at around 1800 that the hearline goal is between 1180 and 1140 before we can enter long the market. Yet the Bear trend is not finish yet. When gold arrives at 1160 or even lower, then we can start to go long. But bare in mind that when FED will increase its interest rate, US will gain value against EUR at first, and of course XAUUSD will loose some value on USd based princing. Therefore, until I see the precious metal between 1160 and 1140, I am still caution and there would be no long term change of trend. That is why I am also still writting that there may be some little upside, but the overall is still Bear, because there isn't yet any chartist signal nor macro economic reason for a long term Bull for XAUUSD. Bare in mind that Gold is a commodity, but it is not based on a particular need but a safe heaven to protect and hedge your investment from inflation, or other macro economic issues. And with such a low inflation, with negative deposit rate, with a high USD against EUR, there is yet no macro economic reason that would justify a long term Bull for gold. But we are very near. Between 3Q15 and 2Q16 we will come there. just a little bit more oftime, being patient.
Keep also in mind that beloow 1180, there is still 1160, 1140, 1120 and the next level is 1060.