With the clear break above resistance at 1.3300 we are headed towards my first target at 1.3491, but I will not be surprised to see a continuation higher towards the next target at 1.3833.
Not only will wave C be equal in length to wave A at 1.3833, but it also marke the 61.8% retracement target of the decline from 1.4940 down to 1.2042. That said, we must be aware of the possibility for a continuation higher towards the triangle resistance-line. Time will show how high we will go.
It has been quite a while since I have last written about gold, but I do think there is a very good chance, that we have seen the bottom of wave ii of 5 at 1,625.94 and wave iii is under way higher towards 1,998.05. To confirm the rally higher we first of all need a break above 1,712.35 and more importantly a break above 1,754.31, which confirms a new test of strong resistance at 1,795.90. If resistance at 1,795.90 is broken we will likely see a powerful rise towards the target at 1,998.05.