The Gold continued to maintain its bearish momentum last week after breaking below the 1321.88 levels. Now the pressure will be on the key support 1158.48. The GOLD will have to hold below the 1158.48 levels on a weekly closing basis to push the market for further downside losses If seen it will target the 950.64 levels.
On the upside. A failure to hold below the 1158.48 levels on a weekly closing basis could mean a return to the 1321.88 levels. A strong cap is likely.
In all…The Gold will remain biased to the downside as long as 1321.88 holds with risk towards 1158.48/950.64 levels. Break of 1321.88 would bring sideways move with a bullish bias. But upside move above 1321.88 is likely to be limited by 1603.87 levels.