GOLD: With Gold taking back larger part of its past-week losses to close marginally lower, further recovery could follow.

While it holds above the 1098.00 level, its key support, our bias remains in the short term. On the downside, support comes in at the 1100.00 level where a break will aim at the 1090.00 level. A cut through here will open the door for move lower towards the 1080.00 level. Below here if seen could trigger further downside pressure towards the 1070.00 level.

Its daily RSI is bearish and pointing lower suggesting further strength. Conversely, resistance resides at the 1150.00 level where a break will aim at the 1165.000 followed by the 1175.00 level. A violation of here will turn attention to the 1200.00 level.

All in all, Gold remains biased to the downside in the medium term but faces recovery threats nearer term.