GOLD: Further Bullish Offensive Expected.
GOLD: With GOLD outlook remaining biased to the upside as it closed higher for week, it has opened the door for more gains in the new week. The cross will have to take out the 1,790 level to open further upside risk towards the 1,800.00 level. Further out, resistance resides at the 1.850 level where a violation will call for a move higher towards the 1,900 level and then the 1,950.00 level. The alternative scenario will be for the commodity to return to the 1,700.00 level and then the 1,676 level. We expect this levels to provide a strong support and turn it higher. Further down, support lies at the 1,640.45 level where a violation will aim at the 1,600.00 level. All in all, GOLD continues to hold on to its bullish tone.