Gold has really had a bit of a beating this week. I think we get some consolidation into $1243 before we make one more play to the bottom. TARGETS ARE AROUND $1227 before more serious bullish consolidation.
I've noticed that when moving averages converge and then cross while in a downward path (like the two next to the red arrows), the trend reverses. The same goes for upward momentum as indicated next to the green arrow.