Initial target hit, whatz next for XAUUSD?

Reference my last update on XAU$, "Inverted hammer, 18 Feb 13", we have reached the target range of $1,400/$1,500. Clearly, the characteristic of this wave is impulsive and I believe the WMA200 support will not be able to hold this sell-off. Downside momentum is strong and there is scope for the yellow metal to fall deeper into the $1,050/$1,200 zone. There are still lots of XAU$ held in portfolios and just last week, there were still calls to buy the dips. In view of that, XAU$ should fall another 20-25% to trigger margin calls and flush out stubborn longs. Interestingly, I wonder how the AUD$ and worldwide equities would correlate to this move.....

Primary trend: Bearish
Intermediate trend: Bearish
Minor trend: Bearish

XAU$ Weekly chart - Testing WMA200 support