Now gold is trading around $1211 & as we can see on charts gold following a upward trade line & reaching to the major resistance zone from $1224-1245. While looking at the big time frame gold still looking bearish & this move seems like 3 corrective move after completing the 5 wave downside elliott wave pattern.
Lets come to fundamental side before, we witness a blast in gold price after 2008 recession & gold price almost double in just 3 year span while in last 2 year gold also corrected more than 50% from the life time high. This is the biggest correction in past 12 years in gold & may remain always. Gold rallied from 2008 on basis of safe haven buying , alternate & safe investment , later on the based on QE program from US & many .