Where is gold going?

We all know it will go up, it is just the question of when. The reverse head and shoulder formation forecasts the next rally to take gold to $1,300 (because of the size of the head in the formation), but it could do that right away, this fall, or next year. In fact, Sean Broderick forecasts gold to fall near term maybe to as low as $800/oz. So, I decided to look at the technicals myself. The figure shown is GLD, an exchange-traded fund of pure gold that tracks the market. Note the reverse head and shoulder - this implies a near term rise. But, we have seen an upside move from a head and shoulders for the S&P 500 (and that formation implied a drop, which was negated by the bounce from the 200 day moving average. Could something like that happen with gold so the upside move is negated? It could.) So, what else can we deduce from the graph? Apart from the head and shoulders there is the MACD. This is a sort of momentum indicator. Usually, while the MACD is positive, negative indicators are often disregarded. There is one more thing we can learn from the MACD. The near-term indicator in the lower half (blk in color) tends to separate from the red indicator for about two months. Then, whatever move is established by the black line is maintained for about two months. This is a weak reasoning I admit and Broderick could turn out to be right. But, I think that GLD has a month to go before it will further correct.