By Arpan Mukherjee Of DOW JONES NEWSWIRES WELLINGTON (Dow Jones)--Gold continued to slide in Asia Wednesday amid a selloff in equities and commodities, as investors moved to the safety of the U.S. dollar. The precious metal's near-term outlook appears gloomy as it continues to trade like a risk asset. At 0447 GMT, spot gold was at $1,536.20 a troy ounce, down $8.10 from its previous close. The yellow metal has now given up all its gains of 2012. "At the moment, it seems everyone is happy to sell everything," IG Markets strategist Stan Shamu said. He added that technically, gold could find support at $1,532/oz, the low reached in September and December 2011. Coalition talks in Greece were finally abandoned Tuesday, ending more than a week of unsuccessful negotiations. Fresh elections are expected to be held in June. Pressure on the euro weighed on dollar-denominated commodities as they became less affordable to holders of other currencies. The euro was at $1.2716 compared to $1.2730 late Tuesday in New York. "Given the continued political uncertainty in Greece, plus the associated fears of a halt or postponement of external support, a hard default and fears of a euro exit, it is difficult to see where investor confidence could stem from," Shamu said. As the gold selloff has been sharp and long-drawn, prices could rebound soon, he said, but didn't give a timeline. Despite the fall in prices, physical demand continues to be weak and investors are holding back, a Singapore-based trader said. The recent market washout may not be over yet, given the stagnation in the physical sector and the likelihood of sluggish demand in the coming weeks, Societe Generale analyst Robin Bhar said in a note. Gold remains "out of favor as the appetite for risk is minimal and gold has, for the time being, been placed in the commodities camp, rather than a hedge against risk." On silver, ScotiaMocatta said the next target was at the bottom of the near channel, now at $27.18/oz. It tipped resistance at $28.83/oz, the 76.4% Fibonacci retracement of the December-February rally. At 0447 GMT, spot silver was a $27.47/oz, down 25 cents. Platinum and palladium were both unchanged at $1,427/oz and at $591/oz, respectively. Standard Chartered analyst Dan Smith said technical signals look bearish. He tipped resistance at $1,500/oz and support at $1,380-$1,400/oz. The palladium market is predicted to swing back into a deficit in 2012 and prices may mostly trade in a $620-$800/oz range, averaging $715/oz in the next six months, he added. -By Arpan Mukherjee, Dow Jones Newswires; 64-4-471-5990; arpan.mukherjee@dowjones.com

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