Under the bearish view on this frame of daily chart, after completing the wave (4) at terminus point of 1352, Gold fell in the five-waves sequence which could be only first wave of wave (5) in progress, and the following rise in a three waves – from low of 1133 through last peak at 1309, could be counted as the corrective wave 2.
Currently, the clear five-waves down, as wave i (circled) of impulsive wave 3, appears to be correcting up in the three-waves sequence ii of circle degree.
Fibonacci targeting :
A minimum expected target for extreme of the overall corrective sequence as the wave ii of circle degree, could be around the Fibonacci 0.50 retracement level at 1225.4 . Also the ongoing wave ii (circled) will likely last until mid April, when is the Fibonacci time ratio 0.618 .