It turned out to be a good decision to wait one more day and see whether the break of 1360 will be confirmed (link to last update). The day after, gold broke below 1360 again and hit the support at 1280ish yesterday.
As long as we stay within 1280 and 1360 I'm neutral. If we get a convincing break above 1360, the medium-term trend would be back to bullish. Should gold decline below 1280ish though, I'd turn bearish and a drop to the July lows would be likely.
Author: Patrick Eugster