It looks like Gold is heading towards $900-1000.
Surprised? Look at weekly chart, and observe the behavior. You can see that it is oscillating between the broadening formations. Now that, it has formed an engulfing pattern, at the top trend line. It is expected to move towards the bottom trend line, which is approximately is the $900 region, unless this engulfing fails.
Notice, how last time, it formed a similar engulfing pattern and moved to the bottom trend line (marked on the zoomed view).
Notice that this is weekly chart and, on the daily scale, there could be violent upward and downward swings.
