GOLD (Futures): The outlook for gold continues to point lower near term as the commodity remains weakened and now targets its long-term rising channel presently at $1,079.08 an ounce. This is coming on the back of its loss of upside momentum at the $1,144.88 level, its March 1 high. For a chart of gold, click here. Gold still retains its broader medium-term uptrend bias while holding above its long-term rising trend line and we expect that level to cap declines and turn the commodity higher if tested. However, should that strong support level break, a technical damage will be caused and further weakness will be expected towards the $1.044.20 level, its 2010 low. Its daily stochastics are supportive of this view. Alternatively, in order for the commodity to totally offset its current downside pressure, a clean break and close above the $1,133.18 level, its March 17 high, is required to open the door for more upside gains towards $1,144.88 where a break will aim at the $1,161.88 level, its Feb. 11 high ahead of its psychological level at $1,200 and then the 2009 high at $1.226.33. In a nutshell, the commodity remains vulnerable to the downside as it now eyes its long-term rising trend line.