Gold may still be forming a triangle correction that leads to new highs in the coming weeks, but confidence is down. Price should find a bottom above 1310.70 and begin to work its way higher over the coming days.
The chart offers two alternate wave counts. The first highlighted by the gray wave v (circled) label suggests gold completed five waves up on 6 July and is correcting its entire rise from December in wave 2 or B now. The second highlighted by the A-B-C Alt: count at the top of the chart suggests gold completed three waves up to the recent peak and will now fall to new lows (or a test of the December low at minimum).
Gold (Rate of Change chart below) remains in a negative momentum trend that supports focusing on the downside.