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.

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.