It appears that Bank of America have a similar view to me...
Precious Metals: A firm start to the week was led by a familiar pattern of Asian buying – a combination of a surge in Chinese exports and stop-losses taking gold within a whisker of 1240. The market is approaching some interesting levels to the topside now and expectations are that large stops are placed above these points. One of the recurring themes this year has been the unraveling of positioning in the gold market, so if that were to happen again (and we know from CFTC data that the market is leaning short still) it will be pretty much business as usual. The market needs further impetus to push higher, and it appears that the continued sell-off in the stock markets have been very helpful in that regard and another leg lower there should send gold into another stop-loss frenzy.
