28 June Friday View

Another fall for Gold yesterday from 29641 (USD 1229.32) to 29058 (USD 1205.14). As we mentioned in our weekly analysis, price has tested a low of 28455 (USD 1180.14) this morning but bounced back to 29005 (USD 1202.93) as of now. For now, this 28934 (USD 1200) level is very important and is expected to provide support. If this level couldn't hold then next target is 27866 (USD 1155.70).

Currently, we believe, the price is just taking off the steam from the low 28455 but the resistance should be yesterday's support at 29450 (USD 1221.40) level.

Today is the Friday for month end and Quarter end as well so we may see some volatility, as many portfolio accounts would adjust their positions.

Trade Happy, Trade Safe :)