On the weekly chart, notice we're at the tail end of a head and shoulders pattern.
From The Smart Money Tracker:
Obviously $1000 is a big psychological number and most investors are concentrating on a breakout of that level as a sign the secular bull market is still intact. However $1000 isn't the important level. The important breakout has already occurred when gold took out the 1980 highs of $850.
W.D. Gann noted that the size of the consolidation often signals how large the ensuing rally will be once an asset breaks out of that consolidation.
The 28 year consolidation in gold is foretelling a bull market rally like no other that any of us have ever seen.