GOLD: Sells Off, Targets The 1,700 Level.
GOLD: GOLD continues to weaken selling off strongly the past week and opening the door for more declines. Support lies at the 1,700.00 level on continued weakness where we expect a halt to occur and turn the commodity higher but if this fails to occur, expect further declines towards the 1,640.45 level level. Further down, support lies at the 1,600.o level. On the upside, resistance resides at the 1,790 level on ending its present bear threats. A violation of here will resume its medium term uptrend towards the 1,800.00 level. Further out, resistance resides at the 1.850 level where a violation will call for a move higher towards the 1,900 level and then the 1,950.00 level. All in all, GOLD continues to hold on to its corrective pullback tone as it looks to weaken further.
