GOLD: Medium Term Upside Remains Intact.

GOLD: Our outlook on GOLD remains to the upside with the risk of a return to the 1,738 level a likely scenario. As long as it trades and holds above its rising long term trendline, this view remains valid. Resistance resides at the 1,750.00 level where a break will push it further towards the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,820.00 level. Further out, resistance comes in at the 1.850 level. 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.

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