Due to negative divergence that is form in lower time frames and because price has reached to its 3rd wave target, I think gold has a short time correction for its 4 wave and the possible target for that is shown in green line which is on fibo 38.2 of 3
Down from 1284 is wave 'A' with sub waves a,b,c,d,e (wave 'e'short) ended at 1208.7. Now the wave 'B' is in progress; it is not 1-2-3-4-5 impulse wave pattern. 3-4 wave in red is actually the 'minor c' leg of the sub wave 'b'. 4-5 in red must be the final sub wave 'c' which completes the correction wave 'B'.