Gold Weekly Technical Outlook

Gold's deep decline from 1191.7 argues that rebound from 1072.3 might be completed already. And, firstly, it was rejected by 55 weeks EMA. Secondly, it lost momentum before hitting 100% projection of 1072.3 to 1169.8 from 1103.8 at 1201.3. Both suggest that such rebound from 1072.3 is merely a correction. Bias is now back on the downside for 1103.8 support. Break will likely send gold through 1072.3 low to resume the larger down trend.