GOLD: Longer Term Bullishness Intact.
GOLD: The commodity continues to challenge higher prices trading to a new all time high of 1,111.05 on Monday. This is coming on the back of a strong rally the past week and with its medium and longer term bullish structures intact, Gold should head further higher towards its psycho level standing at the 1,150 level and then the 1,200 level in the medium term. While we are conscious of pullbacks and consolidation along the way, the commodity continues to retain its bullish outlook suggesting that such pullbacks are corrective of its major uptrend. If the 1,200 level is toppled, focus will then shift to the 1,250 level followed by 1,300. The last two levels are within our three months forecast for Gold. On any correction from its present price levels, the commodity should target the 1,093.97 level where its Nov 05'09 low is located with a turn below there pushing its further towards its stronger support standing at the 1,070.37 level, its Oct 14'09 high. This level is expected to reverse roles and provide support thereby pushing Gold back up again. Further down, support is sited at the 1,059.75 level, its Oct 26'09 high. On the whole, Gold retains its overall bullish structure and looks to continue its longer term uptrend towards the 1,150 and then the 1,200 level in the days and weeks ahead.