Gold just tagged the bottom of its red rising megaphone and may break the bottom by a bit. That means gold just ruined its chances of forming a proper head and shoulders top inside the red rising megaphone.
That would usually mean gold is settling in for extended megaphoning across 1250, and that would usually mean a triangle is forming (green scenario).
The purple scenario is gold abandoning the red rising megaphone to form a simple or complex head and shoulders top across 1250 for the move up from the December 2016 low. That would usually set up a crash to the bottom of the big navy blue megaphone.
The purple scenario is unlikely, but if you see it, that crash into the 700s would be a strong set-up for a fast move to at least the navy blue megaphone VWAP and most likely its top.