Gold broke through its ascending trendline after a 5 wave move to the upside. Price fell sharply after the break through support, landing at the 0.618 retracement level. It has since consolidated between the 0.618 and 0.5 levels. Rangebound, we need to see where the next break happens. A break below 0.618 could take gold fown as far as the 100% retracement level at 1483. The nearest likely significant resistance will come from the 0.382 level at 1515.
This is a classic example of a 0.618 retracement so far.