Gold Daily

The weekly chart published indicated that we have a target for gold around $1500. However, going down a scale to the daily chart, we are not out of the woods just yet. We broken out of a bearish wedge of a lesser degree only to hit resistance at another bearish wedge of a higher degree. The challenge we have right now is the pink upper trendline at approximately $1250 to $1275 region. If we are able to break that zone convincingly, we can see $1500 and eventually higher after some pullback. However, if we do not and continue lower, ~$890 becomes a viable option which is the 61.8% retracement of the bull run from 1999 to 2011.