First of all, the US dollar is strengthening and probably will continue to do so in the next year now that the Fed is tapering, which brings me to my second point, the US and world economy is improving - risk appetite is back and therefore 'safe havens' such as gold are becoming less important. Third, the gold production is expected to increase - and so is the mining production costs which makes gold much less profitable, of course this affects the price of gold.
Now, from a technical standpoint it is a 'Strong Sell' all across the board, no matter which chart you pull up. This doesn't happen very often. Usually a chart with a different time frame will also have a different signal like 'neutral' or 'buy'.
If I were a gold producer, I would be pretty worried right now and wonder how this will affect my bottom line. Now the 'support' level is $1,200, but gold now even broke through that psychological level. Are we indeed heading to $1,000 and lower? We'll see. I entered a short at $1,200, which was my conformation level that the ride down is far from over. My target? $1,000.