Gold Hourly Chart Update- Wave (4) Terminating?

Gold story continues to unfold as sell on rallies for now. The yellow metal seems to have completed waves (1), (2) and (3) since 1300 levels earlier. It is now carving out potential wave (4) around the 1260/69 region. A push above 1270/71 would indicate it is set to change tracks; until that time it is good to sell on rallies. Downside seems to be 1230 at least and according to slight bigger picture, 1200 and lower levels quite possible.

Good luck!
Sincerely yours
Harsh Japee