Gold found some support last week and reversed back to the base channel line again. That could react as a resistance in current black wave 4, which is now making more complex wave structure than we first thought.

We can see that price is slow, sideways and choppy. More importantly, recovery from 1337 cannot be counted impulsively. We think that move is corrective, probably wave 4 which is still incomplete. Ideally that is now wave (d) down, that will look for a support somewhere above 1352. From a larger perspective, we think gold will continue lower, but based on 4h count critical level is at 1441 which was wave 1 low.

Forex Analysis by Gregor Horvat at ForexPros. com