US: Redbook Index rose 0.8%

Gold prices have been engaged in sideways trading to start off the week, however this finally changed in recent minutes as the yellow metal fell off the 1600 handle to fall towards USD $1585.85 per oz. at the time of writing. Bottoming out at this level is below support, and investors will watch for a rebound in prices. The short-term outlook continues to look bearish, with prolonged stability below the 1590 level signaling an acute downtrend for the near future.