1. We can clearly see a major downtrend line starting in Sep 2011, when gold was trading at its pick of roughly 1920 U.S. dollars per troy ounce.
2. In Oct 2012 an acceleration started. It lasted till Jun 2013.
3. Ever since that time gold has been going down at a slower pace shitting the trendline. It is not shown on this chart, but we had similar situations to the one we have now in Mar 2014, Jul 2014 and Jan 2015. All those incidents resulted in the price of gold returning back to its fall.
Let's not move on to the daily chart for further analysis.