A sharp reversal down on gold from 1270 looks like a temporary bearish move. From an Elliott Wave perspective we should expect a three wave retracement lower then, which can be wave C) of an ongoing triangle as shown on the updated 4h chart. If that's correct, then support can be found near 1220-1230 next week.

GOLD, 4H

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.