GOLD: Faces Further Downside Risk.
GOLD:
Our outlook in the near term remains lower as long as Gold continues to
hold and trade below 1,790.20 level. This leaves the possibility of
further declines towards the 1,601.10 level. We may see a respite here
but if that fails to occur, further declines could follow towards the
1,522.55 level, its Dec 2011 low. A break of here will open the door for
further weakness towards its psycho level at 1,500.00. Its weekly RSI
is bearish and pointing lower supporting this view. Alternatively, the
commodity will have to return above the 1,714.35 level to open further
upside towards the 1,802.75 level, its Nov’2011 high and possibly higher
towards the 1,84 outlook on Gold 50 level. All in all, Gold continues
to hold on to its nearer term downside bias.
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