We have seen quite a big drop in Gold this week as the 1392 level once again had lot of selling interest. Nothing much has changed fundamentally and broad economic narrative remains the same, and hence the factors that caused prices to declined between Monday to Wednesday is essentially something to do with technical view. If we look from technical perspective, the level between 1392 and1395 have historically been a sell zone and from supply & demand point of view it was a Weekly supply zone and perfect level to sell and take out lot of weak buyers or the one's who bought Gold after a massive bullish Weekly bar last week.
Coming into next week, I see lot of room for Gold to go down towards 1280 level, where we could see some buying interest once again.
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