GOLD: Recovery attempts continue to occur leaving the commodity threatening further upside. This leaves the 1,703 level as the next upside target followed by the 1,720 level. We expect its declining trendline (red) resistance to cap further upside gains if seen. While that level caps, there is still downside risk. In such a case, the 1,640.45 level will be targeted with a cut through there allowing for a push further lower towards the 1,600.00 level. A respite is likely to occur here and turn the commodity higher. All in all, GOLD may be recovering but remains vulnerable to the downside short term below trendline resistance.
