In an overall uptrend (daily chart), gold has begun to form a descending wedge which in and of itself is also a bullish indicator (price has been in decline since Sept 04's high). To go along with the observed uptrend, I fully believe that XAUUSD will continue its rise into the winter after retracing down to the bottom of the trending line. Some speculate that the action will continue to push downward however, from my analysis there's not indication of such a move happening. Now, if the price point happens to break below $1410, then we have a completely different ball game.