This is a perfect little nose dive or a dramatic crash depending on how you look at it. Yes by all means this decline could keep right on going, but this is a very steep decline with gold enjoying a rather steep accent in reaction to the US dollar drop.
The US dollar is sitting on the crossroads where it can rally violently from a 4th wave bottom. I have very little room to wiggle with this pattern, so it will not take much to kill it. This drop in the US dollar helps to confirm the entire sideways move as being a counter rally or a "B" wave top.
Since I can't fit that sideways pattern into a wave 1-2 then technically the US dollar should retrace its entire drop and soar one more time above all peaks you see on this chart. That would not be a good thing for gold.
All it takes is for stocks to soar, US dollar to fly again and gold would drop like a rock as a bit of stock mania returns.