GOLD futures broke and closed above its strong psychological resistance level at $800 on Friday, opening up scope for further upside gains aiming at its 1.618 Fib Ext. (monthly chart)/Jan 21’1980 high at $847.64/$850 zone. This price momentum is coming on the back of a break out of its sideways range in early Sept’07 and an invalidation of its May’06 high at $732.50 followed with a push through its weekly channel top in early Oct’07.Having overcome the $800 level, nearby resistance levels are now seen at its psychological levels at $820 and $830 with the key chart level coming in at the $847.64/$850 zone. Although GOLD has not experienced meaningful correction since rising off the $645.80 in Mid-Aug, continued overbought condition on the daily chart and its vertical/parabolic upmove on the weekly price chart call for corrective pullbacks in the days ahead before the metal will head higher again. In such a situation, its eroded psycho level at $800 will serve as the immediate downside objective followed by the $776/771 area, its Oct 19’07 high/Oct 31’07 low. The former is expected to reverse roles and provide support. Further weakness if seen should push GOLD towards its Oct 01’07 high/Oct 22’07 low at $754.60/749.20.The metal is up 26.76% for the year and 6.09% for the month of October. In short, the turn above the $800 level has paved the way for further upside prices with a test of the $873 level favoured.