Gold has adopted a consolidative tone after Monday's corrective activity left solid supports at $730 and $720 unthreatened. Good intervening support is now noted at $747.50/00 and $745.50. While further short term tests of the downside can not be ruled out, setbacks should be viewed as buying opportunities.
A rebound above $762.00/50 and $768 is needed to clear the way for a retest of last week's high at $771.75. Further out, the dominant uptrend continues to suggest potential for tests above $800 with key resistance defined by the $875.00 all time high from Jan-80.
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