Gold's Uptrend Broken, Pullback Possible

Gold's short-term January uptrend has been broken and a retreat back to $1,610-$1,600/oz appears on the cards, especially if the dollar strengthens further, says VTB Capital. It says the market should find support at $1,560/oz, should prices slip through the $1,600/oz level. "On the upside, we have decent resistance at $1,650/oz now," it adds. Spot gold +$4.70 at $1,643.30/oz.