The following chart shows the long term stair step action of gold. After price accelerates into an unsustainable parabolic move with bullish investor sentiment (points; A, B, C, D, E), there is a period of consolidation before price moves to new highs. Fundamentals tell us that this stair step price pattern will continue until the final blow-off top is reached. Where price will be at that point is anyones guess, but I think $2000 will be a low estimate.

The following weekly chart of Gold clearly shows how the yellow metal is consolidating around both an important long term moving average and an important dynamic trend line. Once price clears and holds above $1600, more money will be invested in the space. The next step to clear will be $1642.40 and at that point, I suspect that price to move higher as sentiment improves. Until those two price points are exceeded, expect a battle in the current consolidation pattern.