GOLD: Having broken and closed above the 1,640.45 level, further price extension is likely to occur in the new week. This has opened up further upside towards the 1,670.70 level and then the 1,700.00 level. Price hesitation is expected at this level. Its weekly RSI is bullish and pointing higher supporting this view. The alternative scenario will be for the commodity to return to the 1,640.45 level where a reversal of roles as support is expected to occur. However, if this fails, further declines will shape up towards the 1,584 level and then the 1,544.35. Below here will call for a move lower towards the 1,527.05 level. All in all, GOLD continues to hold above the 1,640.45 level taken out the past week suggesting more upside.
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