Gold Rallies, Sits Firmly Above 1,700/50 Levels
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) -- With Gold breaking above the 1,700/50 level, its psycho levels and maintaining its bullish long term upside momentum, further upside risk is now expected. A decisive break and hold above the 1,800 level now being tested will call for a run at the 1,850 level and then the 1,900 level, all representing its psycho levels. Both its daily and weekly RSI are bullish and pointing higher supporting this view.
Alternatively, on any pullback, Gold will aim at the 1,750 level at first followed by the 1,700 level where a reversal of roles as support is expected to occur. This should turn the commodity back up in the direction of its long-term uptrend. Other supports are located at the 1,632.60 level, its July 29, 2011 high and the 1,600 level. All in all, Gold continues to build on its long-term uptrend and now eyes further bullish offensive.
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