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GOLD: Weakens, Pressured To The Downside (Commodity Technical Outlook)

GOLD: With Gold reversing its previous week gains to close lower the past week and following through lower in early trading today, risk of further declines in the new week cannot be ruled out.This will leave Gold aiming at its Nov 01’2011 low at 1,680.75 where a violation will call for a move lower towards the 1,595.75 level and then the 1,532.90 level, its Sept’2011 low. Its daily RSI is bearish and pointing lower suggesting further weakness. Alternatively, the commodity will have to climb above the 1,802.75 level to set the stage for more strength towards the 1,827.85 level, its Sept 19’2011 high. Further out, resistance comes in at the 1,862 level. All in all, Gold remains biased to the upside in the short term but faces corrective weakness.