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The dip from 2011 on the long term is looking impulsive as price crashed down in style. 

This dip goes well with the elliot wave theory which says, markets retrace in 3s in the opposite direction as the prevailing trend which is usually in 5s. 

On the long term, the corrective 3s are coming as expected, though could be in different corrective pattern. The first of the 3 - corrective waves according to the elliot wave theory are expected to be motive i.e Impulse waves or diagonals.

The Gold market looks like being in the first phase of this correction and its expected to be a motive....Impulsive is more likely based on what we see at the moment.

This impulsive move which started in 2011 has completed the fourth phase of its development with a triangle corrective pattern and a crash down is expected as the last phase should be a motive wave.