Gold weakness remains corrective: BofA Merrill Lynch

Quotes from BofA Merrill Lynch:

- The weakness in gold has been much greater than anticipated. However, our view remains unchanged. We are in a medium to longer term uptrend, targeting 1345 (Jul'14 high) and potentially as far as 1433 (Aug'13 high) before the long term bear trend emerges. 

- Now, we look for a base into 1196/1169 support (3m trendline and 78.6%of the Nov/Jan advance) before the choppy gains continue. 

- Bears need a sustained break of 1132 (Nov-07 low) to regain control.