Gold Trends to $1,700
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 (TheStreet) -- With a strong rally pushing gold through the 1,600/50 levels on Tuesday and a follow-through seen in early trading today, further strength now eyes the 1,700 level, its psychological level.
A violation of that level will allow for a move higher towards the 1,750 level and then the 1,800 level. Its weekly and daily RSI are bullish and pointing higher supporting this view. Alternatively, on any pullback, gold will aim at the 1,632.60 level, its July 29, 2011 high.
A reversal of roles as support is expected to turn the pair higher at this level but if that fails and a break below here occurs, further downside weakness will target the 1,600.00 level and possibly lower.All in all, Gold has triggered its long term uptrend and now eyes the 1,700/50 levels.
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