Gold Holds On to Long-Term Uptrend
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) -- The outlook for gold continues to point higher despite a turn back lower off the 1,553.59 level to close lower the past week. On a return above that level, the 1,576.20 level, its 2011 high will be targeted where a break will resume its long-term uptrend and open the door for more gains toward its psycho level at 1,600 and then the 1,650.00 level.
On the downside, if gold follows through lower on the back of its past week declines, the 1.526.26 level, its May 11, 2011 high will be aimed at ahead of the 1,470.00 level and then the 1,462.15 level, its May 5, 2011 low. Further down, its .618. Fib Ret (1,380.85- 1,576.20 rally) at 1,455.00 comes in as the next downside target. All in all, gold remains biased to the upside in the long term though facing bear threats.
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