As it was mentioned in the previous technical analysis of Gold dated 2014.06.10, according to the formed signs, there was a potential for ascending of price which finally happened. Buyers were successful in reaching to the highest price of 1333.332 and the price is above 5-day moving. Currently in long term time frames such as monthly and weekly price is above 5-day moving average that shows a consistent uptrend in long period of time and there is not any clear reason about descending of price in these time frames.
According to the formed movements, there is AB=CD harmonic pattern with ideal ratios of 50 and 200 between the bottom price of 1240.549 and the top price of 1333.332 that warns changing price direction from D point of this pattern. RSI indicator is in saturation sell area and in divergence mode with the price chart that confirms the current top price and warns about more descends. Generally according to the current situation in 4H time frame until the top price of 1333.332 is preserved, price will have the potential of descending but according to the potential of ascending in long period of time, the descending of price is temporary and unstable.