Let's look for wave 4 pennant first before getting bearish without conformation... 5th wave up could be the decisive move that breaks 1268/70 resistance. But still open for gold making a flat to revisit 1180/70 again.
To be honest it's difficult to make a very nice an easy count from 1180 low from new years eve, but gold is one among the heaviest manipulated so see 1180 as the wave 2 down and ever since a wave 3 up. And now caught between moving averages making the pennant. (4th wave)