Looks like Gold have done false start this year. Too many opened long positions by short term speculators acording to COT data (comintment of traders). Too little long term investors buy (according to Keith Weiner analisis of Gold spot-futures spreads http://www.acting-man.com/?p=45606). Confidence to financial system is not broken yet. NIRP is not driving people to gold yet. I anticipate sizable correction this year, may be to (2) support line. Recent years gold has tend to make bottom in December, it may be the case this year. But spike to 1400 - 1450 is possible before.
This charts shows Gold is still in a bull market