GOLD: Although hesitating, our outlook on GOLD remains higher as long as it continues to hold above the 1,640.45 level. However, it will have to break and hold above the 1,676.65 level to resume its corrective recovery towards the 1,700.00 level. Price hesitation is expected at this level but if taken out, expect the commodity to strengthen further towards the 1,714 level. The alternative scenario will be for the commodity to return to the 1,640.45 level where a reversal of roles as support is expected to occur. However, if this fails, further declines will shape up towards the 1,584 level and then the 1,544.35. Below here will call for a move lower towards the 1,527.05 level. All in all, GOLD continues to hold above the 1,640.45 level taken out the past week suggesting more upside.
