It is an irony that as QE3 has started to taper, gold seems to hit a bottom at $1200. Today it goes above this mark with a bomb. I believe that temporarily the mid term trend has changed.
Now I am setting my mid term target of gold price at $1320.
My stop loss will be $1195 should it comes back down.
P.S. If you can't play with index futures, a good product to try will be the gold ETF stock, symbol GLD.