Gold retreated yesterday, but the slide was limited by the 1243 (S1) support hurdle. Given that the metal has been oscillating between 1210 (S3) and 1278 (R3) since the last days of February, I maintain the view that the short-term path remains neutral. For now, I see signs that yesterday’s retreat may continue for a while, perhaps back below 1243 (S1). Something like that could open the way for another test near the 1225 (S2) area. The case is also supported by our near-term momentum studies. The RSI moved lower and hit support near its 50 line, while the MACD, although positive, has topped and could fall below its trigger line soon. Switching to the daily chart, I would hold a flat stance as far as the broader trend is concerned as well. I prefer to wait for a clear move above 1278 (R3) 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.