GOLD: The commodity rallied strongly during Wednesday trading session breaking through its key resistance at the 1,762.50 level, its Dec 02’2011 high and paving the way for further bullish offensive. This is coming on the back of its Tuesday strength. Further out, resistance lies at the 1,802.75 level, its Nov’2011 high with a loss of there turning attention to the 1,862.45 level. Its daily RSI is bullish and pointing higher suggesting further strength. Alternatively, on any pullbacks, Gold will aim at the 1,762.50 level where a reversal of roles as support is expected to turn the commodity back up. However, on a breach of there, the 1,703.95 level, its Feb 10’2012 low will be targeted followed by the 1,641.35 level. Below here if seen will set the stage for further declines towards the 1,522.55 level, its Dec 2011 low.. All in all, Gold remains on the offensive having broken above the 1,762.50 level.
