Gold Weekly Technical Outlook

Gold's fall from 1377.5 continued last week and outlook is unchanged. We'd stay cautious on strong support from 61.8% retracement of 1045.4 to 1377.5 at 1172.3 to bring rebound. Above 1220.9 will turn bias back to the upside for 1243.2 support turned resistance first. Firm break there will target 1338.3 and above. However, sustained break of 1172.3 will bring retest of 1045.4 low