GOLD: With Gold breaking and holding above its key resistance at the 1,641.25 level, its Dec 21’2011 high, further upside risk is now building up. This will push 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 daily RSI is 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. If this materializes it 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 strength.
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