Provided the rounding bottom curve supports any future pullbacks, there is a good chance that gold has embarked upon a directional shift, most likely a B-type (bullish) corrective cycle. This directly implies that the overall price motion since 2011 could be classified as an A-type (bearish) corrective cycle. Short term major resistance may be found in the range 1200-1230, whereas an annual target can be identified through the bullish Wolfe wave formation (~1400). B-waves are usually strong, and therefore ultimate targets above the previous highs are possible (for instance 2000+).