GOLD: GOLD continues to look vulnerable to the downside on correction. This leaves the commodity targeting the 1,678/2 levels on further declines where a breach will set the stage for further weakness towards the 1,640.45 level. A cut through here will allow for a push further lower towards the 1,600.00 level. A respite is likely to occur here and turn the commodity higher. Its weekly RSI is bearish and pointing lower supporting this view. 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.
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