From a short-term trader’s perspective I favor a short position on gold, given the sequence of lower highs and lower lows of the last 4 months. We can take advantage of the current corrective upmove to sell into strength. Only prices above 1754$ (November high) would change the market picture.
Intraday support can be found at 1676 and 1669. Intraday resistance at 1692, 1699 and 1703.
From a longer term view, gold is stuck in a huge range between $1530 and $1800 for more than a year now. We are roughly at the mid of this range. The direction of exit from this range, whenever it occurs, will be crucial for the long term trend. Before that the precious metal was on a clear uptrend for more than 10 years. We still cannot underestimate the force of this upmove that took gold from 300$ up to 1900$.
Fundamentally, I am a big gold fan. Gold is a great hedging instrument against inflation pressures, given all this money printing by central banks.