HSBC Research discusses Gold outlook and sees a scope for near-term support.

"Gold slid on rate hike expectations, despite a lower USD; focus on labor data; looks weaker near term but near support," GS notes.

"The very near-term outlook may be bearish for gold and a break of USD4,000/oz looks likely. This could set off further sell- stops and additional weakness. What could support prices?

The steep decline may trigger some bargain hunting or fresh physical buying. Central banks, which have largely been absent from the market, may resurface, which could stem losses. But for the very near term, the path of least resistance may be lower," GS adds.