Last Updated on 08 November 2012
GOLD: Extends Corrective Recovery, Eyes The 1,743.00 Level.
GOLD: With the commodity bullish and extending its recovery initiated from the 1,672.23 level, there is risk of a run at the 1,743.50 level. A cut through here will open the door for more gains towards the 1,750.00 where a violation will call for a move further higher towards the 1,795 level. Price hesitation may occur here and turn the commodity back lower. However, if this fails to occur, we could see GOLD resuming its medium term uptrend towards the 1,800.00 level. Further out, resistance comes in at the 1.850 level. Its daily RSI is Bullish and pointing higher supporting this view. On the downside, support lies at 1,705.20 level where a breach will call for a run at the 1,640.45 level. A cut through here will allow for more declines towards the 1,600.00 level where a respite is likely to occur. Further down, support comes in at the 1,580.00 level. All in all, GOLD continues to hold on to its corrective recovery tone as it looks to extend more upside.
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