Price is facing resistance at $1300 and the 200 moving average. $1300 is a strong psychological level, many traders were watching that price due to chart resistance and the round number. Although the pull back for the last 3 weeks has been fast, it has not been very significant relative to the increase price has made in the last two months. It took just over 2 months for price to go from roughly $1000 to $1300, which is a short period of time for a significant rally. A pull back of this magnitude should not be unexpected.
Although the offered opportunities for short term traders to sell, it offers greater opportunities for long term traders to buy. The best approach would be wait until price clears this level, at which point Gold may resume it's move, and look to test the next significant at $1400.
I will not be buying anymore gold until the chart offers confirmation with a pattern.