If you pay much attention to the wave analysis, Fibonacci, Elliot, what have you, the next significant move in gold is surely down to $1150ish. You can sample some of what these types are saying now here, here, and here. I am a kindred spirit with the wave people in that I am mostly a technical analyst. The chicken scratching means all the world to me. But the fib levels and other cycling methods usually don't interest me much. But when there seems to be a lot of these practitioners saying the same thing - well, you ignore them at your own peril.
There seems to be a difference of opinion now on gold between trend analysis and the wave counting.
I have found that one of the most consistent means of looking at the health of a trend is simply by moving averages. Of course you've probably heard of the "golden cross" or "death cross" when there is a crossing of the 50 day moving average with the 200 day, either up or down. But one good way of seeing if a trend is intact or changing is by looking at what I call MAPS - Moving Average Pair Support. This is the 140 day ema (exponential moving average) compared with the 200 day ema. It is the best divider I know of between a bear and a bull market.
Major market averages typically obey the MAPS division pretty well, but gold in particular obeys it very consistently. Let's look at how gold has behaved in its bull/bear transitions since the late '90s by viewing them with MAPS: (click on images to enlarge)
The second bear/bull transition was 2009:
If gold does in fact go to around $1150, the cycles have it there for just a month or less before flying back into the bull climb. So is it worth trying to trade a portfolio around this short term movement? That depends on your commissions, taxes, your tolerance for aggravation, and whether you own mostly gold or the miners. If you have a line up of quality miners (not ETFs) they can be more independent of the short term gold price than you may think, being moved by positive company developments while you have them traded to the sidelines timing a gold price blip: