Where Is Gold Going?

I was asked where do I see gold will be heading. Looking at the inverted head and shoulder pattern that took more than a year to develop, the measured move for the gold ETF, GLD is in the 131 region. This translate to gold prices above 1300 an ounce. I have been hearing some talking head projecting 1400 an ounce. So we'll see. I don't believe the weak US dollar will carry gold to the 1300 level. It will most likely be some other catalyst to move gold up to the 1300 level and above.

GLD: