GOLD: Recovering But Still Vulnerable Medium Term.
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GOLD: Our broader outlook on GOLD continues to point lower despite its recovery attempts the past week. We are looking for price failure to occur and turn it back down towards the 1,338/21 levels. Below here if seen will aim at the 1,300.00 level and possibly lower towards the 1,270 level. On the upside, GOLD will have to return above the 1,488.00 level to end its broader downside and then resume its recovery. Further out, resistance is seen at the 1,590.40 level followed by the 1,619 level. Its daily RSI is bullish and pointing higher supporting this view. All in all, GOLD remains vulnerable to the downside in the medium term despite recovery attempts.