The commodity extended its rally for a fourth week in a row on Friday as it now looks to recapture the 1,762.50 level, its Dec 02'2011 high. A clearance of here will bring further upside gains towards the 1,802.75 level, its Nov'2011 high. Its weekly RSI is bullish and pointing lower supporting this view. The alternative scenario will a return to the 1,641.35 level on pullbacks. Below here will set the stage for further declines towards the 1,522.55 level, its Dec 2011 low. A break of there 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 recovery strength with eyes on the 1,762 level.
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