From a psychological point. The gold market is ready for a change.
But the technical aspects. A decline is occurring.
So we need some patience. Gold may drop to 1191.
It also has the potential to increase up to 1455.
Oh my gosh, what is this a combination of quantum physics to design a "B" cup to double "D" breast diagram and a hillside terrace garden planter box? It does not take this series of complicated eye numbing lines to realize gold will go as you point out to the high 1300's or low 1400's because the Obama controlled Fed is going to punt on a rate hike in March with the Socialist Euro bank will likely dive deeper into the abyss with more negative action this week. A surely simple formula for spike in gold trades. The party comes to end with the Fed starts feeling the heat from the hot breath of inflation data by June and stuck not wanting to make a rate hike close to the election...That lackly money ho Yellen, that Obama his pimped out the Wall Street will not want to ruin Hillary's final push into the White House with a bear market claw-back in the fall. So it is June or bust for the rate hike and the gold correction. But no way it goes to $1191 unless you are quoting that in the Peso or Ruble.
Note that the market is not just math and technical.
Market is a living organism. And is also savvy.
So we have attention to psychology.
Because the technical. Sometimes it is not true
Now. The possibility of increasing. More than decline.
You are indeed right on, also the market is a political hostage these days. So being a wiz kid at charts and data helps, but being an observer of black arts of political intrigue and back stabbing is even more important.