This is the long horizon 50x2 P&F chart of Gold, the second chart from a series of the long-term charts of different asset classes with projected price targets. The long horizon SPX chart you can see here.
Gold formed the major top in the second half of 2011 but it took almost two years before it broke below the Bullish Support line on this chart confirming the bear market. In June 2013 Gold hit the vertical count target of 1200 from the top and has been oscillating between 1200 and 1400 since then. A downside breakout from this trading range can push Gold to the 900-950 area where projected price targets of three different counts reside. To reverse the long-term downtrend Gold has to rise above 1500 from here.
Disclaimer: I express only my personal opinion on the market and do not provide any trading or financial advice (see Disclaimer on my site).