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Gold: On the Offensive

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( fxtechstrategy.com) -- Gold: The commodity remains on the offensive, increasing risk of a run at the 1,550.00 level, its psycho level. Its present offensive is coming on the back of its recent consolidation at the 1,480.85 level.

Price extension is expected toward the 1,600 level, its psycho levels, if the 1,550.00 level gives way as resistance. Further out, resistance resides at the 1.650 level. Its daily RSI is bullish and pointing higher, suggesting further gains. Alternatively, a return below the 1,493.10 level will annul its present bullishness and call for more declines toward the 1,475.90 level, its April 11, 2011 high. We expect that level to reverse roles as support and turn the commodity back up in the direction of its primary uptrend, if tested. Further down, support comes in at the 1,443.70 level, its April 12, 2011 low.

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.

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