Gold: Gold gave sharp sell off after crossing the support level of 1770$ and after the crossover in just three trading session it tested the level of 1530$ just near the level of 1500$ support. After testing the level of 1530 bargain hunting was seen at level below 1550 and closing was seen near 1621$. Shot bounce was seen as short covering from the lower level and tested the level of 1677$ which was 38.2% retracement of the fall from the higher level of 1920$ to the lower support level of 1533$. We continue to maintain the negative view on gold till the time resistance is holding at 1677$ and falling below 1620$ will try to change the near term low of 1530 and may test 1440$ and 1400$ on lower side. Some range bounce move is expected in the range of 1680 and 1620 level and once the support is broken will continue the down trend. If sustain trading below 1600 will further bring to lower level of 1400$ in near term. Further if sustain trading above 1680 on closing basis will hamper the bearish outlook and will bring to 1750$ to 1770$ on higher side. Stochastic which has reverted from the oversold zone has moved flat and this rise is just looking like its taking a breath before the next down side move and with the price movement below the support level will reenter in oversold zone where some good down fall in price and be expected.