The 50% of the move up from the end of December low to the 2014 high comes in at 1287.19. The 200 day MA comes in at 1284.75 area. This makes this area between 1284.75 and 1287.19 a key support area for Gold. The low has come down to 1287.80 and bounced. SO the first test is a success.
Be aware that a move below the level could/should see stops triggered.,
Note from the chart above that in June when the price moved above the 200 day MA and the 50% retracement level, the price scooted higher/quickly. IN July the 1st test of the two levels held and the price bounced. The 2nd move actually fell below the two level but that break failed. This is another test. Although the last break failed, I would not expect a similar move if it should happen again (if it does, I would get out).
Gold is down on the more hawkish comments from the Fed Minutes. The Fed has slowed down the taper and will be done with it in November. Less Fed buying means less money slushing around in the system. If the Fed increases the "take back" by raising rates, or if it should stop the automatic rollover of maturing debt on the balance sheet, that should also more negative for gold. Those ideas are helping to put pressure on Gold.