Pivot: 1577.00 Most Likely Scenario: SHORT positions below 1577 with 1540 & 1525 as next targets. Alternative scenario: The upside breakout of 1577 will open the way to 1590 & 1601. Comment: The break below 1577 is a negative signal that has opened a path to 1540.

Pivot: 1713.00 Most Likely Scenario: LONG positions above 1713 with 1748 & 1760 as next targets. Alternative scenario: The downside breakout of 1713 will open the way to 1703 & 1680. Comment: the RSI is bullish and calls for further upside.

Pivot: 1662.00 Most Likely Scenario: LONG positions above 1662 with 1680 & 1690 as next targets. Alternative scenario: The downside penetration of 1662 will call for 1645 & 1635. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Posted by Wealth Wire – Thursday, January 19th, 2012 If you’ve been paying attention, then you’ll remember how gold can make financial crises fun. Gold bulls were so short of things to keep them awake at night, in fact, many will no doubt be grateful for the 20% plunge of late 2011. Y’know, just to…