GOLD: Biased To The Downside Below Trendline Resistance.
GOLD - While GOLD continues to hold below its medium term trendline, our outlook remains lower. This leaves risk towards the 1,527.05 level where a violation will resume its broader medium term weakness and then pave the way for further declines towards the 1,500.00 level. Price hesitation could occur here but if that level gives way, expect the commodity to decline further towards 1,478.05 level. On the upside, the commodity will have to break and hold above the 1,624.45 level to reverse its bear threats.
This if seen will set the stage for a run at the 1640.45 level. Further out, resistance resides at the 1,670.70 level. All in all, GOLD continues to hold on to its broader medium term downside.