Gold made a five-wave drop from the 1611 high, which is an indication of where the trend is going; we see it trading bearish, however before further weakness may be seen, we still expect to see a three-wave A)-B)-C) move to the upside, ideally towards the swing high of a former wave 4) that can provide good resistance for the metal.
Possible support for the upcoming move can be found near the 1540/1520 zone.