The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( fxtechstrategy.com) -- This past week gold reversed its gains from the week before. Thus, it looks vulnerable this week and may follow through lower, despite its initial gains early Monday. Spot gold could weaken further toward $1,595.75, its Oct. 4 low. A breach of that level would leave the yellow metal aiming next at $1,532.90, its September low. Below that, gold would resume its weakness toward the $1,500.00 psychological level and then its July 1 low at $1,478.05. Gold's weekly relative strength index is bearish and pointing lower, supporting this view. In order to restart its corrective recovery, gold will have to return to more than $1,693.95. This would open the door for further strength toward $1,702.31, the Aug. 25 low. We would expect the latter level to reverse roles and provide resistance, thus turning the commodity back down. However, if that level got taken out, further recovery strength would build toward $1,754.55, the Sept. 23 high. Overall, however, gold still faces near-term downside risk.