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GOLD: Vulnerable, Takes Back Gains

GOLD: Although GOLD remains biased to the downside short term, it will have to break and hold below the 1178.39/the 1,174.85 zone to convince the market of further weakness. As long as the mentioned supports hold, we think the commodity should recover higher. Support comes in at the 1,170.00 level where a break will aim at the 1,150.00 level. A cut through here will open the door for move lower towards the 1,140.00 level. Below here if seen could trigger further downside pressure towards the 1,120.00 level and then the 1,100.00 level. Its weekly RSI is bearish supporting this view. Conversely, resistance resides at the 1,190.00 level where a break will aim at the 1,200.00 followed by the 1,215.00 level. A violation of here will turn attention to the 1,224.08 level followed by the 1,140.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery threats.

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