Gold (XAU/USD) remains under bearish pressure after breaking below the support trend line (dotted blue) and the closest bottom (dotted green). A continuation of the downtrend is likely at the moment.
XAU/USD is probably building a bearish retracement as part of a larger ABC correction (purple) in wave Y (pink) of wave 2 (light purple).
XAU/USD is still moving lower as part of an extended bearish wave 3 (green) and will most likely continue for a new low (see 4 hour chart) as long as price stays below the resistance trend line (red). This could complete wave 5 (orange) of wave 3 (green) and a wave 4 (green) retracement is expected to start.
XAU/USD indeed completed 5 bearish waves (green) as part of wave 3 (brown) and an ABC (green) correction within wave 4 (brown). Price bounced at the 50-61.8% Fibonacci levels of wave 4 which confirms a wave 4 pattern. The wave 4 (brown) is valid as long as price stays below the invalidation level, which is the purple line and bottom of wave 1. A break below the support trend line (blue) of the triangle chart pattern could indicate a bearish breakout and the start of wave 5 (brown).