We will look at the logarithmic chart of gold starting from 1975. We see the two cycles. I drew a line along the tops of these peak values and made a parallel one, thereby forming an upward trend channel.
If we talk about the Elliott Waves , then we'd the peak of the third wave in 2011 - the strongest wave and it's during the 2007-2008 crisis.
Now we're on the cusp of a real breakthrough and amid of the potential instability in the world, gold will be a protective asset. There are many fundamental factors for its growth.
On the other hand, if we talk about local movement, then we've broken through the resistance of triangle below and made the first wave up, after which there should be a correction - either in a small triangle or to the support line of the global channel, and after that, there'll be the strongest impulse of the third wave which will break 1900+.
In my analysis, I say that it's the global 5th uptrend wave and we'll see some updating of new highs over the next few years.