Gold may have established a higher low at $1179 on Friday.
This view suggests that an A wave ended at $1220 and a B wave is complete.
A C wave is underway that may extend to $1250 or higher.
An alternate view is shown below:
This alternate view suggests a more complex correction is underway.
The corrective B wave is yet to complete, and may move slightly higher before completing near the $1160 level or even lower.
Once complete, wave C will unfold and likely target former support that is now resistance in the $1250 to $1260 range.
Given the look of the charts, we are leaning toward the first scenario as our primary view.
We note that the MACD is pinching, and ADX green is diverging from red, and GDX, the gold miners ETF did hold the 9 day ema today.