Gold continued its slide yesterday and managed to hit the support zone of 1225 (S1). Then, the metal rebounded somewhat. I still expect the retreat to continue for a bit more. A clear break below the 1225 (S1) line could prompt extensions towards our next support obstacle of 1210 (S2). Nevertheless, our short-term oscillators give evidence that a corrective bounce could be on the cards before the next negative move. The RSI rebounded from near its 30 line, while the MACD, although below both its zero and trigger lines, shows signs that it could start bottoming. Switching to the daily chart, I would hold my flat stance as far as the broader trend is concerned. I prefer to wait for a clear move above 1278 before I get confident on the resumption of the prevailing long-term uptrend. On the downside, I believe that a break below 1200 could signal a medium-term trend reversal.