Gold surged yesterday and managed to hit resistance fractionally below the 1265 (R2) barrier. Subsequently, the metal retreaded and is now trading back below 1250 (R1), heading towards the 1225 (S1) support. The price structure on the 4-hour chart still suggests an uptrend. Nevertheless, taking a look at our short-term oscillators, I see the likelihood that further retreat could be looming before the next positive leg. The RSI has topped within its overbought territory and now looks able to fall below 70, while the MACD, has topped and could fall below its trigger line soon. A decisive move below 1225 (S1) could initially aim for the 1215 (S2) level. Switching to the daily chart, I see that on the 4th of February, the price broke above the long-term downside resistance line taken from the peak of the 22nd of January 2015. As a result, I would consider the medium-term outlook to be positive as well. I would treat any further near-term declines as a corrective phase for now.