Short term intraday turn up in the momentum indicators failed to materialize into rising gold prices. Gold then dropped like a rock below this month low.
A lower low after a lower high is technically bearish. Spot Gold is currently trading around the dreaded 666$ level.
The uptrend on the daily chart is still intact but might not hold.
Elliott wave cyclical point of view: I think we just witnessed a truncated v wave.
I'm not ready to get long term bearish here but more downside is certainly possible.
Spot Gold daily chart