Firstly, price went down from 1344 to 1327 (Wave A) and found support there. Secondly, price went up from 1327 to 1339 (Wave B) but quickly got sold to current price at 1333. Usually, a correction would be in a that is formed by three waves A-B-C. And wave B is usually between 61.8% to 76.4% of Wave A. It is possible that gold is in Wave C that can reach as low as 1310.
Moreover, gold has a with confirmation telling us that price got rejected at the resistance 1344-1347. This can signal a potential short-term reversal.
is coming down from overbought area and is having a posture. These might indicate further price weakness.
Now it seems like a pattern has appeared. If gold manages to breakdown under neckline, gold can go down to test at 1309-1312.
If price trades above recent high at 1344, this above assumption is no longer valid.