Gold hit 1168 in Asia couple of hours ago.
1170 is acting as a support for now.
I like to see gold get up over $1200, but I think these factors are
going to drive it down further before we see stability...
1) Rising dollar (US economy is the healthiest in the world now)
2) Rising interest rate (Not now, but probably in 2015 sometime)
3) Slowing global economy, particularly slowdown in Europe will
impact Chinese manufacturing, which will drag global economy
4) Stock market has been strong so its been the better investment
than gold, and there has been billions of outflow out of gold ETFs.
5) ISIS and Ukraine threats have played out many times and
they didn't have sustaining momentum to push gold higher.
Personally, I like to see gold have a huge capitulation close to $1000,
so that the market can feel like we have a solid bottom, and gold can build up from there. Right now, I think the big money is staying away or shorting the gold.
I'm playing volatility, so personally, I just want to see lots of up/down in either direction, but for miner stock's sake,
I like to see gold stabilize over $1200 not too far in the future.
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