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Gold (20.02.2013) respected our analysis & moved lower. Check our last report here
Now gold is trading around 29990 ($1608) & as we can see on charts, after a sharp fall gold taken support from $1600 area which also represent the 138.2% feb correction level of last ascending wave. However there is still space available for downside but oversold indicators , a most probable positive divergence force us to stay away till a clear view. Candlestick pattern is still negative while indicator are over sold.
Based on above studies, we will prefer to stay neutral & prefer to wait for a buying opportunity at current level or may be on some little lower level.
It reached 161.80% ($1570), on breaking it can fall to multiple lows $1530