Gold has finished its big multiwave rally as can be seen from the meteoric rise from 200- 300 usd in 1999 to around 1800 usd in 2013 and is now in a correction. A rally that goes on for 14 years will take atleast half the time i.e 7 years or more to undergo correction. So maybe some more time before we think of another mega rally in gold. From wave structure it seems it has finished first wave down A. Currently it maybe in a wave B up or may have finished. Wave B looks quite weak and if B is finished Wave C can go down a long way.
A strong Wave B reaching very close to the top of preceding wave 5 would indicate that wave C following it might not go down too much. But here it does not seem so but I would give it some more time before taking a call.