Gold chart has the makings of a bull flag. The bull flag is a trend continuation pattern. Translation: even though it pulls back, it can continue higher. 

A bull flag is when a stock makes an aggressive move up (the flagpole) and then retreats a little (the flag) before making the next move up. For those who want to swot up on it, a link is attached. It can also be used to predict the next target price based on the size of the aggressive move up (the flagpole) and the slight retreat (the flag).

IG Bull Flag chart pattern explained (click for more)

Currently it looks like:

• Flagpole length is $1280 to $1460 = $180
• Flag pullback length is $1560 to $1460 = $100

Possible prediction for next moves is for Gold to pullback from $1700 to $1600 (the flag) before making the next move up to $1780 (the flagpole).

However if Gold falls below $1600 the bull flag pattern would be broken…