Looks like we are seeing the pullback I mentioned a couple of weeks back, where the price ends up will be very telling.

Often after a run like we just saw the price and the 18 day moving average will come together. The 18 day moving average sits at 1591 but is rising about $4 per day. If the 18 day average does not hold then look to the lower Bollinger band at $1525. Does gold HAVE to hit these targets? No, but often it will after these spikes in prices.

See how the price moved after that big run up and spike on Iranian "missile" day. The price first ran to the 18 day moving average, bounced off off that hit the upper Bollinger band, fell down hitting the lower Bollinger band and took off from there, this is what "consolidation" looks like.