GOLD: Continues To Retain Its Downside Bias.

GOLD: Though closing flat the past week, GOLD’s broader outlook remains lower on further weakness. It now targets the 1,640.45 level with a cut through there allowing for a push further lower towards the 1,600.00 level. A respite is likely to occur here and turn the commodity back up. However, if that level fails, further declines should follow. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, a return above the 1,672.23 level must occur to halt its present downside bias. A cut through here will call for a run at the 1,795 level and then the 1,827.85 level. All in all, GOLD remains vulnerable to the downside short term.

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