Therefore on a purely chartist approach, Gold is going down towards 1180 and bellow.
On the other hand, on macro economic terms, the market was expecting FED to increase its interest rate by Summer 2015. But it will not be the case. There is no on a foreseable future nor a risk that FED increases its interest rate. Therefore, although it is very volatil, GOLD is not ready yet to launch its performans on the upside.
Having said that, from time to time there might be some little upside, i.e because of Ukraine or Greece, but this will not change the above all situation.
On the downside of the story, watch 1180, 1166, 1145, 1080 and 1061.
Keep in mind that ECB will start its in March 6th with 60 bio every month