GOLD: Our outlook on Gold is to the upside on correction as it built on its previous week gains at the end of the week. With the commodity holding slightly higher above the 1,677.95 level, Gold is now aiming at further higher prices with eyes on the 1,702.31 level, its Aug 25’2011 low and then the 1,720.10 level, its Sept 22’2011 low. This zone is expected to reverse roles and provide resistance thus turning the commodity back down. However, if taken out, further recovery strength should build up towards the 1,754.55 level, its Sept 23’2011 high. Alternatively, the risk to this analysis will be a return to the 1,532.90 level, its Sept’2011 low with a violation of there turning further downside pressure towards the 1.500.00 level, its psycho level ahead of its July 01’2011 low at 1,478.05. All in all, Gold maintains an immediate upside bias on correction though retaining its medium term downtrend.
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