Despite snapping the three-week losing streak by gaining $10.80 (+0.62 percent) on a week-on-week basis to reach $1,762 per ounce, gold’s short- and medium-term outlook seems to be bearish. Overall, the gold price has shed around 4.4 percent during the last four weeks and there is a clear bearish shift in its outlook. Meanwhile, the price of gold increased by 1.58 percent in Pakistan during the last week. The price of 10 grams of yellow metal in Pakistan was Rs95,100 at the opening of the last week and it increased to Rs96,600 to close the week. The appreciation in gold price in the local market was due to depreciation of the local currency, which depreciated by 0.83 percent against the US dollar during the week, with the dollar opening at Rs169.08 on Monday last and closing at Rs170.48 on Friday last. From a technical point of view, gold has been trading below a downtrend resistance since mid-September and has dropped below the 50-day, 100-day and 200-day simple moving averages (SMAs). Momentum is to the downside and the relative strength index (RSI) is well above 30 – thus allowing for more falls. Support awaits at $1,750 and $1,720, which was September’s trough and also cushioned the precious metal back in April. It is followed by August’s swing low of $1,690. On the flip side, resistance awaits at the early October high of $1,770, followed by $1,785 and $1,810. During the last week, gold witnessed massive volatility. An intensifying global energy crisis, the China Evergrande debt issue and the US Fed’s tapering fears kept investors on edge. In the first half of the week, gold price heavily suffered and reached seven-week lows at $1,722, as the previous week’s hawkish shift from the US Fed drove the US Treasury yields through the roof while lifting the greenback alongside.