03 Apr Wednesday Daily Outlook

Gold lost 600 points yesterday, that was 1.55 %. 38725 level was expected to be tested but that didn't happen and the price slid down taking all previously mentioned supports very easily. Market sentiment seems Bearish as it took only half the days to return to the same level it took to get started and test 39000 high. The only thing I could view right now is if 38700 level support is broken, price could test a low of 37475. This level is very important as it is the level from where a test of 43300 level was initiated on 12 July 2012 almost 9 months ago.