GOLD: With Gold capping its corrective recovery at the 1,641.25 level, its Dec 21’2011 high and holding below its daily 200 ema, there is a likely of the commodity returning to the 1,560.45 level, its Dec 15’2011 low. Below here if seen will expose the 1,532.90 level, its Sept’2011 low followed by its psycho level at 1,500.00.Its daily RSI is turning lower suspporting this view. Alternatively, the commodity will have to break and hold above the 1,641.25 level to restart its corrective recovery towards the 1,666.90 level. Further out, resistance comes in at the 1,762.50 level where a break will bring further upside towards the 1,802.75 level, its Nov’2011 high and then the 1,827.85 level, its Sept 19’2011 high. All in all, Gold continues to hold on to its medium term downside bias despite its attempt at recovering.
