The bearish outlook :
Gold may have been rising in a three-wave as the wave (ii). The price has exceeded the Fibonacci 0.786 retracement level of a likely leading expanding diagonal as wave (i). The following fall in impulsive wave (iii) to new lows is probably ahead…
The outlook now is bearish while price holds under the 1224.5, where is the start point of the bearish leading diagonal wave (i). Falling through 1182.8 from current levels would raise confidence in the immediately bearish view.
Note : In accordance with the bearish alternative on Silver, I’ve treated this leading diagonal as wave (i), which is not as an ideal text book pattern like in Silver.