GOLD: Unless the commodity turns higher above the 1,640.45 level, the broader risk remains to the down side possibly towards the 1,544.35. Below here will call for a move lower towards the 1,527.05 level where a breach 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. Alternatively, in order for the commodity to extend its upside it will have to break and hold above the 1,640.45 level, its range top. This if seen will open up further upside towards the 1,670.70 level and then the 1,700.00 level. All in all, GOLD continues to hold on to its broader medium term downside.
