GOLD: Under Bear Pressure, Sets Up For More Downside

GOLD: Although GOLD continues to hold on to its broader medium term uptrend, further downside pressure could be building up. This is coming on the back of a reversal of its previous week gains at the end of the week. Support lies at 1,672 level where a break will target the 1,640.45 level. A cut through here will allow for more declines towards the 1,600.00 level. A respite is likely to occur here and turn the commodity higher. Conversely, resistance resides at the 1,753 level where a violation will call for a run at the 1,774 level. A cut through here will call for a run at the 1,795 level and then the 1,827.85 level. All in all, GOLD is biased to the upside medium term though facing a corrective pullback.