daily 
The commodity continues to face downside pressure with eyes on the 1,589.80 level. This is consistent with our call for more declines while GOLD holds below its declining trend line This suggests further weakness towards the 1,550.00 level, its psycho level. 
4hrs
We expect a price hesitation to occur here if tested but if broken we could see further weakness towards the 1,527.10 level. On the upside, resistance resides at the 1,669 level where a break will aim at the 1,695 level. A violation of here will call for a run at the 1,730 level. All in all, GOLD remains vulnerable to the downside.
1hr 
Our preference: SHORT positions below 1629 with 1589 & 1580 as next targets.
Alternative scenario: The upside penetration of 1629 will call for 1640 & 1654.
Comment: the 20 and 50 moving average are heading downward. Technical indicators do not post any reversal signal.
Trend: ST Ltd downside; MT Bearish
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