From a technical analysis standpoint, gold had gone almost straight up in a parabolic curve, so it absolutely had to correct, which it is in the process of doing now. It is looking for support, which it may find around the 1195 area or so. It may possibly drift sideways for a bit, but will be then heading north again very soon.
In other words, a nice buying opportunity for gold is very close.
I like dips!
:)