GOLD: Gold continues to look vulnerable to the downside as it maintains its corrective tone and eyes a retarget of the 1,166.03 level, its May 21'10 low though now trying to recover higher. Its present nearer term weakness is coming on the back of a failure at the 1,265.05 level in Mar'2010, leaving further downside risk possibly below the 1,166.03 level and towards the 1,123.70 level. To avert the above scenario, Gold will have to break and hold above the 1,265.05 level, its 2010 high to create scope for further up move towards its psycho logical level at 1,300 levels. A cut through there will set the stage for a run at the 1,350 level, its psycho level. Additional upside objectives are located at the 1,400 level. Generally, risk remains lower nearer term.
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