Gold should be able to move a bit higher to test the 161.8% extension target at 1,799 before a temporary corrective set-back gets underway for a move towards 1,728 and then higher again towards 1,912 and 2,070 as the next upside targets. However, in the longer term, we are looking for much higher levels with a rally to at least 2,400 and more likely closer to 2,700.
For now, a small rally closer to 1,799 and a correction to 1,728 are expected to follow before the next big move higher.