Gold may have formed a top at 1219.5, as the extreme point of impulsive wave (a). Currently, it appears the corrective wave (b) has begun its way down. A close target for the correction down is 1187.4.
Note : I’ve adjusted counting the wave (a) to an impulsive wave. Because, advance in the wave (a) to near the Fibonacci 0.50 retracement level, conceptually indicates a smaller wave (c) through the extreme 0.618 level at 1245.