The August 2011's high of 1909 appeared to be the end of wave 3 for gold. The current consolidation for Gold is likely to take at least a year as shown above. Wave 4 may end with a panic selling to 1400 by the end of 2012. Its next surge, the wave 5 may bring its price to 3000 by 2014. If there is no extension, that should mark the end of major wave (III). Major wave (IV) correction (50% pullback) is expected to be sharp (magnitude) and short (duration) in contrast to the major wave (II) correction that took 20 years to complete.
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