I'm thinking the median for potential wave A target, approx. $1210, above at $1205.35 (red arrows). The line has good history of price taps along it.
It got stuck today under the long term channel line that provided support to wave ( iii ) end previous.
1. it failed the November 2014 low at 1130.53 it looks like wave 1 of 3 ran from 19th Feb $1307 to $1142 17th March, then the current wave is 2 of 3, and so on. If so, say hello to gold at $ how low?
2. it's quite difficult to trade corrective waves well, there is good opportunity for intraday trades and scalps, using channel lines as support / resistance.