Gold, in the monthly frame, is in the process of correcting the prior advance in five Primary waves to the September 2011 peak of 1923. This correction will ultimately amount to a partial retracement of the impulsive advance. Since the peak, prices have traced out an impulsive sequence down, that remains in its late stages.
The overall decline so far, could be still-developing Primary wave A, which is only initial part of a three-wave corrective sequence of one larger degree, that is not yet complete.