Although Gold is now seen failing to follow through on the back of its Tuesday rally, it continues to hold on to its medium term uptrend. However, it will have to break and hold above the 1,762.80 level, its Feb 03'2012 high to trigger that uptrend. This will pave the way for a run at the 1,802.75 level, its Nov'2011 high and possibly higher. The alternative scenario will be a return to the 1,709.79 level. This if seen will set the stage for more weakness towards the 1,641.35 level. Further down, support lies at the 1,522.55 level, its Dec 2011 low with a break resuming its weakness started from the 1,920 level and opening the door for additional declines towards its psycho level at 1,500.00. All in all, Gold continues to hold on to its medium term strength though hesitating.
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