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.
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