GOLD: Outlook for GOLD remains higher as it extended its upside offensive the past week. This development leaves the commodity targeting the 1,774 level where a violation will call for a run at the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,827.85 level. Further out, resistance comes in at the 1.850 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at 1,705.20 level where a breach will call for a run at the 1,640.45 level. A cut through here will allow for more declines towards the 1,600.00 level. A respite is likely to occur here but if that fails, expect Gold to weaken further towards the 1,580.00 level. All in all, GOLD is biased to the upside.
