Gold prices have mostly fallen for the past week, and an ounce of gold was trading for as low as $1,353. "Currently, as a bearish cross takes place on both the daily chart's MACD and Slow Stochastic, the bearish move looks to extend today, with potential to reach $1,340 an ounce. This might be a great opportunity for forex traders to join a very popular trend," say Forexyard in a morning note. But, gold prices are up this morning as the market digests the downgrade on Friday of Greece’s debt and concerns over the Eurozone re surface. And, Barclays have stated in a report that they expect the medium term target could be between US$1,460-1,485 so the current downtrend could see a reverse in the medium term. At Trading Central the short term outlook for gold prices is sideways. There is a preference for short positions below 1366 with 1355 & 1350 in sight. Alternatively, the upside penetration of 1366 will call for 1372 & 1378. The price remains on the downside and should challenge its nearest support.

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