Gold has continued sliding down the new price channel (red) that confirmed yesterday and is now near the channel bottom where it either breaks out into a melt-down set-up or starts a bottom.
You know that gold is starting a bottom if it reaches the channel top again from here.
The channel has taken gold back to the VWAP of the megaphone (blue) it began forming in fall of 2014. That VWAP is at roughly 1200.
That means a breakout from the price channel into a melt-down set-up would be a breakdown through that long-term VWAP with a target of the blue megaphone bottom.
If instead gold starts a bottom here, it is settling in to form a triangle across 1200 (purple scenario) that could break out in either direction.
An upwards breakout would mean a breakout from an inverse head and shoulders bottom with a triangle right shoulder with a target of a new all-time high.
A downwards breakout would target the blue megaphone bottom.