The metal has almost totally recovered the preceding deep correction, thus a long-term uptrend has been confirmed intact, and the record high at $1,911.46 will eventually be surpassed.

A bullish flag pattern on the hourly chart points to a similar target at $1,911.14, based on a Fibonacci projection of a wave "3" target.

A correction from the current level will be limited to $1,865.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Copyright Reuters, 2011