Gold may continue to recover if a pickup in US housing data feeds Oct 17-2012

Gold may continue to recover if a pickup in US housing data feeds inflation-hedge demand as growth firms against the backdrop of easy Fed monetary policy.

GOLD (Spot) intraday: rebound expected.

Pivot: 1738.00 Our Preference: LONG positions above 1738 with 1757 & 1766 as next targets. Alternative scenario: The downside penetration of 1738 will call for a slide towards 1729 & 1724. Comment: the RSI is bullish and calls for further upside.

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