Outlook for Gold remains positive having put in a second week of weekly closes since turning off the 1,156.80 level in late July'2010. With that said, further up move is now seen towards the 1,217.90 level, its July 13'10 high with a break targeting the 1,265.05 level, its 2010 high. On the other hand, if pullbacks materialize, we should see more weakness targeting the 1,166.15 level, its Aug 02'10 low. Further down, support resides at the 1,156.80 level with a breach allowing for more declines towards the 1,123.70 level. All in all, Gold looks for continue its recovery and then target the 1,262.05 level.
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