GOLD: The commodity remains on the tear weakening further the past week and targeting further downside in the new week. This development leaves GOLD aiming at the 1,170.00 level where a violation will turn attention to the 1,150 level. Further down, support comes in at the 1,100 level. Its weekly RSI is bearish and pointing lower supporting its broader downside. On the upside, GOLD will have to return above the 1,269.00 level and then the 1,321/38 levels to reduce its present downside pressure. Further out, resistance resides at the 1,370.00 level and then the 1,400.00 level, its psycho level. A cap may occur here and turn it lower. All in all, GOLD remains vulnerable to the downside in the medium term.
