Gold Weekly Technical Outlook

Gold's choppy rebound from 1045.4 extended last week but outlook is unchanged. Firstly such rebound is having a corrective look. Secondly, gold is staying well inside a medium term falling channel. At this point, we'd expect strong resistance from upper channel line (now at 1143) to limit upside and bring near term reversal. The down trend is still expected to extend lower through 1045.4 in a later stage.