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Analysts at Commerzbank, point out that gold is viewed forming a major base longer term. They warn about the key resistance at 1365.36/1375.53, signaling that a break higher could lead to rally to 1700.  

Key Quotes:  

“A weekly close above 1375.53 2016 high (and ideally above the 1392.56 2014 peak) should trigger a move eventually to just over 1700.00.”

“Gold is underpinned by the 1148.32 55 quarter moving average.”

“Initial upside targets are the 1522.48/1526.98 December 2011 and May 2012 lows.”

“Immediate upside pressure will be maintained while trading above the 1276.60/56 January lows.”