GOLD: GOLD may be attempting on the upside again after failing and turning lower off the 1,640.45 level the past week. However, its broader medium term bias still points lower. While holding below the 1,640.45 level, the risk is for GOLD to return to the 1,527 level. A cut through here will pave the way for further declines towards the 1,500.00 level. Price hesitation could occur here but if that level gives way, expect Gold to decline further towards 1,478.05 level. The alternative scenario will be a return above the 1,640.45 level. This will pave the way for further correction towards the 1,670.70 level and possibly higher towards the 1,700 level. All in all, Gold continues to hold on to its broader medium term downside bias though attempting a recovery
