Gold Weekly Technical Outlook

With 1197.2 resistance intact, deeper decline is still expected in gold. Sustained trading below 61.8% retracement of 1045.4 to 1377.5 at 1172.3 will pave the way for a retest on 1045.4 low. Meanwhile, failing to sustain below 1172.3, followed by break of 1197.2 resistance, will indicate short term bottoming on bullish convergence condition in 4 hours MACD. In that case, gold should target a test on 1243.2 support turned resistance first.