Steep angle of gold rise

Just a quick look at the current steep angle of gold price movement. In last three weeks it has risen approx. 8000points($1157 on 28.7.2010 to $1237 on 19.8.2010) without any proper consolidation. That leaves one with an idea that at least some retracement should happened. First level which is possible for targeting retrace is around $1218. From technical point of view we might see short engulfing candle and the steep rising angle. Possible level of getting short: $1221.70. In my opinion – gold should retrace. Take a look 😉