E Gold Trading In A Temporary Correction; Support Can Be Seen Around 1245/1258

Gold turned sharply lower the past week from 1295, clearly in impulsive fashion so it appears that metal is headed into much deeper levels within a correction of a higher degree. On the updated chart we are looking at an A)-B)-C) decline in progress down to 1258 area, or possibly even back to 1245 before market may look for a new bounce; most likely at the end of the month.

Gold, 4H