GOLD: Sets Up For The 1,446.95 Level And Beyond (Commodity Technical Outlook)
GOLD: With a follow through higher wiping out its Friday losses on Monday, the commodity now looks to retarget the 1.446.95 level, its 2011 high. Above this level will resume its long term uptrend towards the 1,450.00 level, its psycho level followed by the 1,450.00 level with a clearance of there triggering further gains towards the 1,500 level, its psycho level. As long as Gold continues to hold above its long term bullish trendline, our upside bias remains intact. On the downside, the 1,400 level and the 1,380.85 level, its Mar 15’2011 low will be targeted on pullbacks. We expect the latter level to provide a strong support and turn Gold back up if tested, but if it fails, further declines will shape up towards the 1,378 levels.