According to the bearish view :
Gold has corrected 50 percent of the impulsive wave i of circle degree, in three waves up as the second wave of the same degree. Currently, decline of the following third wave of wave 3 may have begun.
Note : Retrace to the Fibonacci 0.5 level at 1225, could be an adequate retracement. However, it has not achieved to the expected Fibonacci time ratios.