Under the bearish alternate view on the intraday chart, Gold is likely completing the triangle fourth-wave of the bearish leading diagonal. And hence, by forming the five-waves sequence from recent high at 1309, would raise confidence that the trend is turning down.
Leading Expanding Diagonal:
Accordance with the Elliott Wave Principle:
” A leading diagonal can also take an expanding shape. This form appears to occur primarily at the start of declines… ”