As much as I tried to milk this as an impulse, it has started to fall apart some time ago, especially the pattern that started in the beginning of April. There are far too many overlapping waves, and if they were part of a pure impulse gold should have soared sometime ago.
The best fit is that gold is in a diagonal 5 wave decline with the potential small degree 5th wave still to play out. (Ending diagonal). Short term that means gold can crash and break below $1200 with little effort, especially if stocks had a fit of madness with a stock mania attack.
I am sure this would start to play out next week and it could take all of April before it is fully played out. Of course gold has been known to crash dramatically, which would speed up the whole process.
This hanging around going nowhere fast is also a sign that something is amiss with gold as there has been very little net gain.
The gold/oil ratio is just under 32:1 which is still very well on the cheap side when using gold as money.
Short term we can get one more push to the upside, but then I would have to turn bearish for the near term, until the decline is fully played out.