GOLD: The outlook on Gold continues to point lower as pressure builds on the downside. This is coming on back of a sell off during Monday trading session. With that said, the commodity now looks to weaken further towards the 1,612.10 level, its April 04’2012 low. We may see a breather here but if that fails to occur, further declines could follow towards the 1,550 level with a cut through here targeting the 1,522.55 level, its Dec 2011 low. A break of here will open the door for further weakness towards its psycho level at 1,500.00. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, the commodity will have to return above the 1,714.35 level to annul its present downside threats and then open further upside towards the 1,802.75 level, its Nov’2011 high and possibly higher towards the 1,84 outlook on Gold 50 level. All in all, Gold continues to hold on to its short term downside bias.
