Gold is still under suffer sell-off.
The main reason is FED will not change their , continue unwinding QE3 : tapering each Minutes until finishing the QE3 before 2014 Fall, and this would weight on GOLD price.
We have FOMC Minutes on Wednesday 30, April , and I surely FED would taper by 10bln. This would prevent anyone holds LONG position of Gold in the long term.
The big sell-off last Wednesday suggests that investors are still very cautious about GOLD , they don't dare to hold LONG position in the long term.
Next week, I believe the Greenback will come back its strength. Last Thursday, we saw 10 year T-Bond jump by 9bp to 2.73%, and this would benefit for the Greenback, encourage investors to buy US dollar . Hence, I think gold would fall down.
One more thing, I don't trade gold , I use Gold price to predict forex because Gold is anti dollar, when gold increases, usdollar decreases and vice versa; moreover, gold also stick to Loonie, Aussie, Swiss franc , and Euro . If we know the move of gold , we could forecast those currencies.
Look at on the 1H chart. We see a range form after the big sell-off on last Wednesday. Price now hold above 1293.2 level.
I think next week , this support would be crossed through to reach to 1284.82 level. The stop loss should be at 1304.28 : upper line of the range.