Since 2011 Gold is in a steady downtrend. The period from 2004-2011 appears to be a huge bubble and it's correcting down back to the mean value.
It seems Gold behaves like the market cycle shown here:
EURUSD hit a very strong resistance zone at 1.1280 and got rejected hard. EURUSD hovered around at that level for about a month in February 2015.
There is a high probability it will test lower fibonacci support levels again.