50% retracement from $308(october low) to $388 = $348
$339.50 is spot gold's pivot low. In other words, there has been a fair bit of moolah entered above this price.
Gold is still in a primary uptrend, it broke from its weekly trendline and the weekly chart verifies that gold is in a bull market.
It is more feasible to take profits or look for entry rather than short gold - shorting gold in the current trend and current market environment equates to trading against the trend. Sub $339.50 and there are reasons for concern.
