If you look in to the long term trend, it is currently
trading near crucial level of 1250 and if this level gets breakdown then it
represent a longer term bearish picture.
After taking resistance near $1380 (which is 38.2% Fibonacci
retracement level of long term trend ($1910 - $1050)), the gold prices
witnessed sharp selloff recently, with gold price reaching to next crucial
support level of $1,250 (which is 23.6% Fibonacci retracement level of long
term trend). If this level get break down then technically we could see gold
prices touching its last year’s low levels.