The .38 retracement level has been broken, and its obvious, if the rectangle price pattern which is indicated with the red lines (1950), breaks above, the next target will be 1961 with stop loss of 1937. The volume on the break of 1950 level will be crucial. If a large volume appears, its a sign for a strong bullish move.
As it is obvious, the current trend is a bullish advance after a long term consolidation which occurred after a bearish one. so the price is bouncing on the second intermediate bullish channel, and this shows how the channel is steep and supportive for the gold spot. the long term price forecast will be around 2000$ with the stop loss point of the channel support line.
