GOLD: Prepares For Further Bullish Offensive.
GOLD: With GOLD rallying through its big psycho level at 1,700.00 level to close the week higher the past week, it now looks to extend that strength in the new week. This will leave the commodity targeting the 1,750 level and possibly higher targeting the 1.800 level. Its weekly RSI is bullish and pointing higher suggesting further upside. The alternative scenario will be for the commodity to return to the 1,676 level and the 1,700.00 level. We expect this levels to provide a strong support and turn it higher. Further down, support lies at the 1,640.45 level where a violation will aim at the 1,600.00 level. However, if this fails, further declines will shape up towards the 1,584 level and then the 1,544.35. All in all, GOLD continues to hold on to its bullish tone.
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