GOLD

GOLD is likely to find support between $1,525 and $1,550. Year-long consolidation range has been intact between $1,525 and $1,800 levels. Latest sell-off in gold prices is not different that the earlier weaknesses precious metal experienced when the price reached the lower boundary of the medium-term consolidation range. Long-term trend analysis and the moving averages suggest $1,525 should act as strong support. Sideways consolidation between $1,525 and $1,800 is part of the long-term uptrend.