October 2014 - support was tested at 1200 again, and after a momentary dip prices rebounded strongly off of support levels as expected. This would make a significant technical triple bottom if it holds. Chart shows the previous double bottom in 2013.
It remains to be seen whether this support will be retested again and if it will continue as a mid term bottom. Our expectation is that this level will be retested again and may provide buying opportunities for short term range trading.
We do not yet see a resumption in the long term bullish trend - still more consolidation to come.
Always keep in mind the growing evidence of government/banks gold price manipulation as well. The cat is slowly coming out of the bag as to the full extent, and when it is fully realized we expect gold to shoot up. Until then however, we expect more suppressed and unnatural price action. Use extra caution.