When any asset class like gold bounces around wildly, then there is too much uncertainty as to its true direction. At this time gold refuses to die and it even has a good looking start with some impulse waves. Are we looking at another potential leg up? If so then we could be off to a good 1-2, 1-2, 1-2 wave count already. This could give us another $200 leg with $1400 as a potential price target.
Since we may have had a running triangle
bottom, this run would also be gold's last run before another major bearish trend will take hold. I recently watch a video where EWI says we could be in for a 20 year secular bear market with a bottom not until 2030 or so. Yikes!
If this is true, then there still should be many large degree bearish rallies, and this may be just another one. One thing that may be worth exploring is that the 2011 peak is a wave three in Cycle degree. Any deviation from the impulse script will tell us that more downside than upside would be coming. With a true well acted out impulse wave, there is very little where they can deviate, as impulse waves get rejected very quickly.
If a great zigzag formed to $1400, then gold would have no choice but to completely retrace this zigzag.