GOLD: GOLD took back almost all of its previous week losses the past week to close lower on Friday. This development leaves risk lower with more weakness envisaged. However, a recovery in the new week may occur. On the downside, support comes in at the 1,115.00 level where a break will aim at the 1,100.00 level. A cut through here will open the door for move lower towards the 1,080.00 level. Below here if seen could trigger further downside pressure towards the 1,060.00 level. On the upside, resistance resides at the 1,150.00 level where a break will aim at the 1,170.000 followed by the 1,200.00 level. A violation of here will turn attention to the 1,220.00 level. All in all, GOLD remains biased to the downside short term.
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