With gold (COMEX:GCM14) we are tracking a big triangle placed in wave 4) for a while now which is still incomplete. At the moment we are looking at wave D that could move even lower as current slow and sideways price action above 1265 looks like a triangle in sub-wave (b), so wave (c) can break down to 1200-1240 area before we may finally focus on wave E, final leg in that big triangle.
Gold is moving sideways in 1268-1331 range for more than a month between two contracting trend-lines that make a shape of a triangle. We are looking at a running triangle in wave (b) that can be near completion as market is already in wave e), final leg of the pattern. Price is also converging, now having less and less room within the pattern lines so breakout may follow soon and ideally that will be to the bearish side. A daily close beneath the lower trend line and 1277 wave d) swing should open door for a drop beneath 1268.