Gold Targets Higher Highs

4/21/2011 - Gold - Price action on Gold (a daily chart of which is shown) as of Thursday (4/21/2011) has surpassed its previous upside resistance target of 1500, hitting a high above 1508 and establishing yet a new all-time high in the process. This occurs within the context of a multi-timeframe bullish trend that is currently prevailing on a short-term, medium-term, as well as long-term basis. The 1500 target was derived in uncharted price territory because it is around the 161.8% Fibonacci extension of a major bearish correction run. Now that 1500 has been tentatively broken on a sharp bullish surge, a pullback/correction could soon be in order. However, the overall directional bias continues to be to the upside in line with all of the trends on multiple timeframes. A pullback could return price back around the medium-term uptrend support line that extends back to the late January low. In the event of further bullish momentum on the current breakout, price action could begin targeting key further upside around the 1550 price region, which is around a 261.8% Fibonacci extension of the last major bearish correction.