Whether you prefer your ABCs or 123s, both steer me to see a short-term rally in Gold:
ABCDE marks the second dip as D on the 15th Feb, in which case E was the end, and now we are in the middle of the correction/collapse. A pullback should follow.
If you think 15th doesn't count (too shallow) then we are in the second dip, or 4. In which case the final rally/leg up is yet to happen.
I think its a correction (ABCDE), because unlike a pullback (1234), its ploughed through the support at D, making a lower low. Either way, it tells me to enter Long.
Why enter now? Aggressive entry means buying against the trend to pick the perfect entry point- high reward, but high risk too. Buying when the RSI is at this extreme tells me aggressive selling has occurred and is -possibly- over. With 1200 as (I perceive) a natural psychological support, it forms by entry basis.