Gold Weekly Technical Outlook

Gold's decline from 1377.5 extended lower last week and outlook is unchanged. Further fall is expected this week for 1199.0. At this point, we'd be cautious on strong support from 61.8% retracement of 1045.4 to 1377.5 at 1172.3 to bring rebound. Above 1233.1 minor resistance will turn bias back to the upside. However, sustained break of 1172.3 will bring retest of 1045.4 low.