With Gold maintaining its bullish offensive the past week, further upside gain is expected in the new week. This will see the commodity targeting its psycho level at 1,800.00 with a breach of here setting the stage for a run at its Sept 19'2011 high at 1,827.85 a lower level. Above this level if seen will open up further upside risk towards its 2011 high at 1,920.50. Its weekly RSI is bullish and pointing higher supporting view. Alternatively, on any pullbacks, the 1,693.95 level will come in as the initial support. We expect a reversal of roles as support to occur at this level and then turn the pair higher again. However, a breach of the 1,693.95 level could see the commodity weakening further towards the 1,595.75 level and then the 1,532.90 level, its Sept'2011 low. All in all, Gold maintains a further upside risk having taken out and held above the 1,693.95 level the past week.
Commodity