GOLD: While GOLD may be recovering higher, as long as it trades and holds below the 1,694 level and its trendline resistance at 1,712 level, its broader bias remains lower. However, if the above mentioned levels are taken out, further upside is likely towards the 1,730 level and then the 1,750 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, the risk is for GOLD to return to its December 2012 low at 1,625 level. Further declines could mean a move lower towards the 1,600.00 level, its key psycho level. We expect a price hesitation to occur here if tested but if broken we could see further weakness towards the 1,582.10 level. All in all, GOLD remains on recovery higher.
