GOLD: Sees Further Downside Pressure
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GOLD: With a follow-through lower occurring the past week, further weakness is envisaged in the new week. This development leaves GOLD vulnerable towards the 1,554.04 level. This is consistent with its broader weakness triggered from the 1,795 level. Further downside pressure now eyes the 1,530.00 level with a breach aiming at the 1,500.00 level, its psycho level. We expect a price hesitation to occur here if tested but if broken we could see further weakness towards the 1,478.05 level. On the upside, resistance resides at the 1,600.00 level and then the 1,669 level where a break will aim at the 1,695 level. A violation of here will call for a run at the 1,730 level. All in all, GOLD remains vulnerable to the downside medium term.