At $1367, gold is now just about smack-dab in the middle of that 1350-1400 range.
Gold thus far has more or less followed the script when it comes to what often happens after a fairly massive and abrupt technical breakdown. Price typically rallies off the climatic low, retracing about 50% of the decline ("filling the gap"), but then rolls over and retreats back towards the prior low (a retest).
The price of gold should hold above the prior low level of approximately 1350 for the chart to remain constructive. It should build a base within this 1350-1400 range before looking to resume its ascent. However, if gold breaches the 1350 level and hits new lows, all bets are off as the next level off support appears to be around 1200.
Two things I'd like to point out in gold's weekly chart:
The other thing I'd point out in the chart is the many hammer candlestick patterns (in green boxes). When these occur after price declines, they very often identify the likelihood of a trend reversal, a bullish indication. Note in the chart when such hammers have appeared after price retreats, more often than not the trend has reversed and a rally -- albeit widely varying in duration -- has ensued.
Again, the jury is still out on what gold will do from here, but it's clear that right now the metal is at a key juncture.