I think we entering multi years of deflationary environment.
I am currently long gold but this is very tactical.
At 1340, I will reverse into strategic short... Target 980/730.
I would take profit around 1000 and use more downside to build long term long.
As humans, our emotional time span does not enable to apprehend the market correctly... We unconsciously think, in various time units, that was was prevailing in the last 3 units will be true for ever.. true in daily, weeky, yearly etc...
Taking that into account you will realise that the norm for gold has been sub 1000 forever before the last 6 years.
as per the fundamentals:
1) the trend is down and it fell 800 dollars already... so 200usd is next door really.
2) there is defation.
3) i have the feeling that (2) is going to accelerate with a shock that's coming after the summer.