Gold Weekly Daily Technical Outlook

Comex Gold (GC) Gold's decline from 992.1 resumed last week after brief consolidation. Initial bias remains on the downside and further decline should be seen towards 915.2 cluster support (61.8% retracement of 865.6 to 922.1 at 913.9). Break there will confirm that whole rise from 865 has completed and should then bring retest of this low. On the upside, though, above 963.9 will indicate that fall from 992.1 has completed and will turn short term outlook bullish for 1007.7/1033.9 resistance