Gold broke out and has closed above the 2012 downtrend ($1354) of late and price action looks fairly bullish right now. Trend indicators suggest staying long; although stochastic's on the daily chart have been showing divergence with price. Naturally there will be profit taking along the way, but as long as traders are sensing concern in China, Ukraine and a few red flags in Japan then gold will stay supported as traders continue to put a percentage of their portfolio in gold as a hedge against global risks. The fact EUR/USD is above 1.39 is probably helping to a large degree as well.