GOLD: Having violated the 1,762.50 level, its Dec 02’2011 high following a rally the past week, further upside offensive is likely in the new week. This is coming on the back of its strong rally the past week. Further out, resistance lies at the 1,802.75 level, its Nov’2011 high where a break will turn attention to the 1,862.45 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, our minimum downside target is seen at the 1,762.50 level where a reversal of roles as support is likely to occur. But if this fails, the 1,703.95 level, its Feb 10’2012 low will be targeted with a break of there turning risk to the 1,641.35 level. Below here will set the stage for further declines towards the 1,522.55 level, its Dec 2011 low All in all, Gold continues to target higher prices on the back of its past week rally.
