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.
Commodity