The chart below from WSJ via Zero Hedge shows a complete lack of consensus amongst banks as to gold's future direction. That may translate into a sideways market as participants compete on their view.
Thankfully there doesn't seem to be many forecasting prices below $1000.
Steven Saville made a good point about gold futures and arbitrage in this blog post, noting that:
Yep, it doesn't make sense to treat gold the same as a commodity like orange juice futures.