GOLD: Having reversed its past week losses to close higher the past week, the risk is for further correction to occur in the new week/. This will leave Gold targeting the 1,641.25 level, its Dec 21’2011 high with a violation of that level sending the commodity further higher towards the 1,677.35 level, its Dec 13’2011 high. Further out, the 1,762.50 level comes in as the next upside followed by the 1,802.75 level, its Nov’2011 high. Its weekly RSI has turned bullish and pointing higher suggesting further gains. Alternatively, the risk to this analysis will be a return to the 1,522.55 level, its Dec 2011 low. This if it materializes will open the door for additional weakness towards its psycho level at 1,500.00. All in all, Gold continues to hold on to its nearer tern corrective strength.
