With a third week of strength seeing Gold closing higher the past week, further upside gains are envisaged in the new week. In such a case, the 1,714.55 level, its Dec 12'2011 high will be targeted with a violation turning attention to the 1,762.50 level. Further out, resistance comes in the 1,802.75 level, its Nov'2011 high. Its weekly RSI is bullish and pointing higher suggesting further gains. Alternatively, the risk to this analysis will be a return to the 1,522.55 level, its Dec 2011 low. If this materializes it 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.
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