GOLD: Threatens Further Downside, Remains Vulnerable

GOLD: The commodity still remains vulnerable with eyes on further downside. Support comes in at 1,672.23 level. Below here will turn attention to the 1,640.45 level with a cut through there allowing 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, a return above the 1,753 level will open up further risk towards 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 remains vulnerable to the downside.