Gold has pulled back from the last high of $1424 to $1371.5, just above the last major break low of $1361. If $1361 is breached (Bollinger band bottom and the last break low support), the next support level will be the 100 day moving average which is at $1335. This area may be a buying opportunity for those waiting for a correction. The $1315 area is the lower support line on this chart which is a possibility should the price continue the downwards trend of lower lows and lower highs.
January is typically a positive month for Gold based on seasonal data over the past 20 years. It started off the month at $1413 an ounce and has traded down since. You can see the chart above is cyclical and the next break up after this consolidation period may be the move to the $1500 level.