TD Securities - "A slightly softer trend in gold has emerged over the course of this week, much as we expected after last week’s peak and reversal from the 1434 area. A late week rally in gold mitigates some of the building short-term pressure on the market but the broader patterns continue to lean more bearishly (weak price action last week and no obvious recovery this week while oscillator studies suggest that the market is nearing overbought from a medium-term point of view). We see little scope for sustained gold gains at the moment and rather think the risk is for gold to ease back to test rising channel support (potential bear flag trigger) at 1345. Losses will likely pick up if support here fails to hold. The 1425/35 zone remains firm resistance on the topside."