Following daily chart, Gold retested the previous low and at the same time formed what we call double bottom . The term double bottom as terminology in pattern analysis is bulish which indicate that market will go up.

As the price of Gold was coming down , it also formed what we call falling wegde which is also indicative that the market will go up.
Looking at technical indicator called stochastic indicator, it has hit the bottom which indicate that there will be a reversal point .

In summary, We are favouring a buying position on Gold following what we explain above.