While GOLD may be digesting its recent gains, it continues to hold on to its medium term uptrend. However, we think the commodity should eventually recapture the 1,790.20 level on ending the mentioned consolidation. Above here will aim at the 1,800.00 level where a violation will call for a push further higher towards the 1.850 level. The alternative scenario will be for the commodity to return to the 1,700.00 level and then the 1,676 level. We expect this levels to provide a strong support and turn it higher. Further down, support lies at the 1,640.45 level where a violation will aim at the 1,600.00 level. However, if this fails, further declines will shape up towards the 1,584 level. All in all, GOLD continues to hold on to its bullish tone.
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