S&D, S&R, Trends, Fork's and Turnarounds, page-10

Here an update of that 12hr Gold Futures chart I posted previously.
After making some higher highs and higher lows for a while, it appeared to breakdown after the first reversal and failure, and since then it has made lower highs, and lower lows.

It is all getting a bit complex at the minute though, and this sideways action looks like it is continuing to draw out some selling pressure, but there are also enough hints that it may be part of a prolonged absorption process (which appears less likely, but is still possible), especially as it hasn't broken down recently after having a couple of good opportunity to do so.
However, in a nutshell the most important line towards the upside in the very near term, is the one arrowed @1233.5 I reckon.
If it can't close above that really soon, it would suggest continuing weakness, or sideways at best.
(and if it is able to achieve that, it could then begin work on that little supply zone between 1237.5 and 1240.2)