Gold Weekly Technical Outlook

Gold dipped again last week and breached 1072.3 support. But there wasn't any follow through selling so far. Also, bullish convergence condition is seen in 4 hours MACD. Thus, there is risk of a rebound is high. But in any case, outlook will stay cautiously bearish as long as 1097.4 resistance holds. Sustained trading below 1072.3 will target 1000 handle next. Meanwhile, break of 1097.4 will indicate short term bottoming and bring stronger rebound.