Gold is currently on triangle correction that is preparing for upside strong trend. As elliot wave theory it should be ending the E wave of triangle, and next big move will come. B wave is finished on exactly 61.8% of A wave and D wave is also retraced exactly 61.8% of C wave. Remember that it is hard to anticipate where would E wave ends, also it is long-term holding trade idea.
@lucamodena You might be right, but for me it is no way forming Head and Shoulders pattern.
Only way I see the price will go down that low will be the down channel, but first need to break 1290 area.