Gold remains under pressure and the risk is still to the downside as prices continue to drift lower from the 23.6% Fibonacci retracement level of the upleg from 1160 to 1346.61 around 1302 and beneath the 20- and 40-simple moving averages (SMAs) in the daily timeframe. The short-term technical indicators are bearish and point to more weakness in the market. The RSI indicator is moving slightly lower in negative territory, while the stochastic oscillator entered the oversold zone. The next target is the April 4 low at 1280 and marginally below that point lies the 38.2% Fibonacci of 1375. At this stage the market would ... (full story)