It seems like gold is still in a correction phase with possibly one more leg down. You can see in the chart gold is trying to climb back to the red and hold above there.
The last wave up from 1330 to 1357 can be drawn within a very upward sloping channel. Price is at the intersection of the green support channel line and the red . If price breaks down, it will be a heavy drop. So Watch The Price Action There !
Please note that indicator is having a cross over. Therefore, downtrend is continued being favored here.
I have a projection of the move if price does break down those . By using AB = CD pattern, price can move lower to 1320 level.