Short term I propose now the following count:
In commodities, especially Gold, the most momentum is often in the wave 5. Also wave 5 is most of the time the extended wave.
Under this premise, we should expect Gold to fall far more.
So the low @ 1131 may have only been the subwave 1 of a longer lasting impulsive wave. So now we might be in wave black 3 down. In this wave 3 we may have just finished the subwave 2 up. But be cautious: right now the move down is not convincingly impulsive. So we also should be prepared for a move higher towards the 61.8% retracement of wave light green 1, which is around 1246.