Goldman Sachs says the gold market has been corrective since December:
The Gold market has been in a corrective process since the December '15 low.
It's since seen the A and B legs of an incomplete ABC. Again, it's common for B waves to be more contracted/complex. As such, the market needs to break meaningfully past 1,303 (early-September low) to suggest potential to have started its final C wave advance.
The next downside level to watch is 38.2% retrace at 1,250. A break lower will open up risks to 50% retrace at ~1,211-1,200. Need above 1,303 to consider the start of a recovery.
