The COT Report is currently indicating that the institutional traders are starting to go short - heavily.
TD 9 is also at its completion, indicating that a potential trend reversal is about to occur during the coming weeks.
Further indications of a continuing downward sloping trend is found in the MIDAS fear and greed curve (launched from 2012 high) which has so far contained price and is most likely to continue to do so based on the evidence above.
Martin Armstrong, world leading analysts is aslo implementing that this is just a high in the monthly/quarterly downtrend and that the price of gold will most likely reach the $1000/ounce handle in the coming years. http://www.armstrongeconomics.com