Trader Dan's technical insights. Note his comments re: $1230 confirm the Critical Support level identified by Armstrong

http://traderdannorcini.blogspot.ca/2013/06/monthly-gold-chart.html

Monthly Gold Chart

By request....


Note that this chart is based only on CLOSING prices for each month. I have included today's close as the price for June to give some sort of feel for where things currently stand.

The first major Fibonacci retracement level comes in near $1230 based on closing prices. I would look for a zone on either side of that of $10 for a target unless price can quickly recover and recapture $1300.