Gold Weekly Technical Outlook

While there is no clear selling pressure in Gold yet, it should be noted again, it's limited below medium term falling trend line. Thus, the down trend is possibly not over yet. Near term outlook stays neutral first. On the downside, break of 1108.5 support should confirm that rebound from 1072.3 has completed at 1169.8 and the larger down trend is resuming for new low. However, break of 1169.8 should confirm reversal and target 1232.0 resistance and above.