Gold has been enjoying an uptrend after breaking a downsloping trendline. This is expected by the Elliott Waves model.
Take note that 4th wave are notorious for extension (or combination) - meaning they can take quite a while and the structure can be a zig-zag with a flat or vice versa. However, given that this expected to be the 4th wave of a 1st wave of a 3rd wave, my bet is that it will be soon before it breaks out.
If you can hold, my suggested strategy (in accordance with my own psychology), is to enter a small size first, set a limit order at the support around $1234 and a stop order at $1244.
Below is the chart (closing line chart for clarity) for my EW counts.