After closing last week on a negative trajectory with 2.23 percent loss on a week-on-week basis to reach $1,787.80 per ounce against last week closure price of $1828.60, gold’s near-term technical outlook seems to have turned neutral with a bearish bias. However, the experts see a rebound next week with an average target of $1,813, as both the monthly and the quarterly outlooks show that the bullish bias is expected to remain intact. Meanwhile, the price of gold decreased by 1.63 percent in Pakistan during the week. The depreciation in gold price was lower as compared to international level mainly due to depreciation of rupee against the US dollar. The local currency depreciated by 0.67 percent against the US dollar during the week, as the dollar opened at Rs166.91 on Monday last and closed at Rs168.02 on Friday last. The price of 10 grams of yellow metal in Pakistan was Rs98,200 at the opening of the last week and it decreased to Rs96,600 to close the week. During this week, the first high-impact data release will be Tuesday’s Consumer Price Index (CPI) report from the US. A stronger than expected CPI reading could cause investors to start pricing in a reduction in the Fed’s asset purchases and provide a boost to the USD and vice versa. Retail Sales and Philadelphia Fed Manufacturing Survey will be featured in the US economic docket on Thursday ahead of the University of Michigan’s preliminary Consumer Sentiment Index data on Friday. From a technical point of view, gold closed below both the 100-day and the 200-day SMAs for the fourth straight day on Friday, and the Relative Strength Index (RSI) indicator retreated below 50. On the downside, the initial support is located at $1,790. A daily close below that level could open the door for additional losses toward $1,780 and $1,760. On the other hand, initial resistance is seen at $1,800-1,805 area ahead of $1,810 (200-day SMA) and $1,815 (100-day SMA).