Gold Weekly Technical Outlook

Gold stayed in the consolidation pattern from 1045.4 short term bottom last week and outlook is unchanged. Stronger rebound might be seen back to 55 days EMA (now at 1114.7) and above. However, note that gold is still bounded well inside near term falling channel. There is no clear indication of trend reversal yet. Thus, another fall through 1045.4 is still in favor after the current corrective rebound completes.