GOLD: Loses Upside Momentum, Sells Off

While Gold still retains its long term upside bias, in the immediate term the commodity faces bear threats. This is coming on the back of a loss of upside momentum at the 1,576.20 level during the Monday trading session. This development now leaves its psycho level at 1,500 level as the likely corrective weakness target where we may see a halt in declines. This should turn the commodity back up but in case that level fails to hold, further weakness should build up towards the 1,493.10 level, its April 26'2011 low. Its daily RSI has turned lower from the overbought zone supporting this view. Alternatively, to annul its present bear threats, the commodity will have to break and hold above the 1,576.20 level thus paving the way for a push further higher towards its psycho level at 1,600 and then the 1,650.00 level.
(Source: http://www.ibtimes.com/articles/140536/20110503/gold-loses-upside-momentum-sells-off.htm)