There are three technical details visible on the chart.
1. There is a “flag” formation (blue lines). Gold dropped below the bottom of this formation. This suggests an over-sold condition. However, even if the decline stops here, Gold will need time to find support and make another base (like it did during May – August 2012).
2. Gold hit ±$1550 twice in recent times (green line). Gold should find support at this level again, but will it?
3. Retest of a trendline.
Stocks and commodities that move above a downtrend line (red line), in this case at ±$1670 (black arrow) often decline to “revisit” the trendline. The downtrend line currently intersects at about $1550.
Conclusion. The current technical picture is negative. A short-term rally may occur, but it will take time to find a base. Therefore it is too early to conclude where the current decline would culminate, or the time needed before the next upleg could commence.