GOLD: With Gold holding slightly higher above its key resistance at the 1,641.25 level, its Dec 21’2011 high following its continued nearer term upside offensive, the risk is for further extension to follow. This will set the stage for a run at the 1,677.35 level, its Dec 13’2011 high where a breach will bring more bullish offensive towards the 1,762.50 level. Further out, resistance comes incomes in at the 1,802.75 level, its Nov’2011 high. Its daily RSI is bullish and pointing higher suggesting further gains. Alternatively, the risk to this analysis will be for the commodity to return to the 1,522.55 level, its Dec 2011 low. This if it occurs 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 term corrective recovery tone.
