With GOLD unable to hold on to its gains above the 1,624.45 level, it tumbled lower the past week. This has opened up further downside risk towards 1,546/41 levels. A cut through here will turn attention to the 1,527 level where a violation will resume its broader medium term weakness and then pave the way for further declines towards the 1,500.00 level. Price hesitation could occur here but if that level gives way, expect Gold to decline further towards 1,478.05 level. On the upside, the commodity will have to break and hold above the 1,624.45 level to reverse its bear threats. This will set the stage for a run at the 1640.45 level. Further out, resistance resides at the 1,670.70 level and then the 1,700 level. All in all, GOLD continues to hold on to its broader medium term downside.
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