I think this is very important indeed : many people long gold may think that even if 1180 breaks, the real long term bottom cannot be far down.
I see it from some comments right here : why not buy now, after all, we are close to the bottom, so why should I risk to miss the bounce?
Imho, this is a very dangerous statement. People don't even realize that they are kind of certain that gold will bounce soon and not so far below.
This is a pure bet.
If gold falls further than their expectations, they will wake up in full nightmare mode when the last real supports they are watching (1100? 1000?) give way. Then the usual process is panic thinking : I never thought this could happen. How far can gold go? If I sell now at 1000, maybe it's not sucy a bad deal if it drops down to 600. After all, silver already lost 70% from its highs. How much is it if gold does the same? 600 $ ? I'd better sell now, after all, etc...
The quarterly bollinger band going up will of course give a support area for bulls, but nothing says this won't be but temporary. What about the second and third hit? How far can gold really go down? I really don't know. 800 is possible if you consider we had a horizontal flag : 1800 to 1200 roughly, now 1400 to 800 roughly, with the flag 1200-1400.
So, gold bulls, last wake up call, really.
Protect yourselves and please consider NOW that gold may go down much lower than you expect.