Gold closed around $1240 on 11 February, and since then it has failed to close above this level. Three times this week (today being the third) it has tried to move on above $1240, with no success.
The risk is now that we see a move back to the bottom of the current range, down to $1205. Below this we have rising support on the daily trendline, currently at $1180. A breakout above $1240 still targets the month high at $1260.