Gold pushes higher

Gold reversed strongly from 612.17, Dec 18 low on a probable impulsive wave 5 up and the clearance of 638.10, Dec 8 high, reinforces further upswing towards 644.12, bear trend from 676.35, Jul 2006 top.

Expect minor pullback from 644.12 which will hold well above 636.50, Tuesday low, before triggering another surge towards 650.20, Dec 1 high and potentially 656.20, Aug 2 lower top.

Only a loss of 632.30, Dec 29 low risks deeper setback to 627.00, Dec 28 low.