GOLD: Corrective Weakness Remains In Force
GOLD: Gold continues to maintain its fourth week of downside losses declining to as low as 917.90 in today’s trading. This is coming on the back of its failure at the 989.97 level, representing its Jun 03’09 high and subsequent nearer term corrective weakness. With a halt in the said downside weakness yet to occur, risk continues to point lower with the next target situated at the 915.07 level, its May 18’09 low. A decisive break of there will bring additional lower prices towards the 895.65 level, its daily 200 ema.Further down, support is located at the 880.15 level, marking its May 01’09 low. Its daily RSI is bearish and trending lower suggesting further downside weakness. However, halting its present declines and turning back higher will suggest a trade towards the 942.65 level, its Jun 18’09 high ahead of the 961.65 level, its Jun 11’09 high and then its Jun 03’09 high at 989.97. On the whole, Gold is now challenged by its current nearer term weakness and looks to head further lower but still maintains its bullish longer term outlook.
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