GOLD - Vulnerable, Continues To Face Downside Risk. GOLD: While the commodity remains bearish and vulnerable to the downside, there is a likely risk of further declines. In such a case, the 1,627.50 level will come in as the next downside target with a violation of there aiming at the 1,601.10 level. We may see a respite here but if that fails to occur, further declines could follow towards 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. Alternatively, the commodity will have to return above the 1,714.35 level to 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 nearer term downside bias.
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