Though the technical picture is pretty , the risk reward ratio to enter a long term short trade with a 970$ objective is not really interesting since the price is currently hovering half way between medium/long term key supports and resistances, respectively 970$, 1046$, 1345$ and 1404$.
The reason why the price drop is slowing down around this area is mostly due to a key fundamental factor. In fact the 1150$/ounce area corresponds to the average global production cost which explains the strong support found recently around this area despite many breakout attempts.
One thing is sure, gold traders should expect a burst from this level as there are a couple of conflicting fundamental factors that will decide of the precious metal price direction; the two main ones being the spectrum of deflation thus pressuring the price and/or the possibility of a global meltdown that would trigger a flight to safe haven assets.
Sophisticated traders with a long term view will opt to play a straddle buying ATM puts and calls with long term expiry.