Gold back testing 1640 and consolidation!?

Gold has been performing really well thanks to the Fed and worsening outlook of the global economy. However, from a technical standpoint, the break down of the recent upward trend line gives gold a short-term target of ~1640.
Given the fact that gold has rallied 20%+ in three weeks, at the crucial 1700 level, a healthy consolidation is preferred for longterm holders.