GOLD: With Gold halting its corrective declines to close marginally higher the past week, it now faces the risk of a build up on that gain in the new week. However, the commodity will have to break and hold above the 1,790.20 level to trigger its medium term uptrend. This if seen will aim at the 1,802.75 level, its Nov’2011 high where a break will turn attention to the 1,862.45 level. On the other hand, a return to the 1,662.90 level will put our upside bias on hold and bring further decline towards the 1,600.00 level, its psycho level. Further down, support comes in at the 1,522.55 level, its Dec 2011 low. All in all, with Gold halting its correction, it looks to eventually retarget the 1,790.20 level.
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