As the bearish expectations;
Under the bearish alternate view on the intraday chart, Gold completed the leading expanding diagonal concept at terminus point of 1228 , and now the concept could likely be correcting.
The leading diagonal formation is likely completed. Hence, forming the five-waves sequence down from recent high at 1309, would raise confidence that the trend has turned 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… ”