GOLD: Vulnerable Below Declining Trendline.
February 10, 2013 10:12 pm GMT+0 in Forex Analysis
GOLD: The commodity remains biased to the downside below its declining trendline (red). This suggests further declines towards its December 2012 low at 1,625 level followed by the 1,600.00 level, its key psycho level. We expect a price hesitation to occur here if tested but if broken we could see further weakness towards the 1,582.10 level. On the upside, resistance resides at the 1,694 level where a violation will call for a run at the 1,730 level and then the 1,750 level. All in all, GOLD remains vulnerable despite recovery attempts.