01 Jul - 05 Jul Weekly View

Gold's downtrend continued last week and dropped to as low as 28463 (USD 1180.46) before recovering some of its losses. From near term point of view outlook remains Bearish as long as 30591 (USD 1268.70) holds. However, it can not be not considered that the price now is at some very important support zones of 27866 (USD 1155.70) and 28934 (USD 1200). A break above 30591 will indicate short term bottoming and may turn outlook from Bearish to cautiously Bullish for rebound back to 33545 (USD 1391.20).

In the bigger picture, long term downtrend from 46384 (USD 1923.70) is still in progress, we'd be cautious on strong support at 61.8 % retracement level of 16420 (USD 681) to 46384 (USD 1923.70) at 27866 (USD 1155.70) to bring a rebound. In that case, break of 36811 (USD 1526.70) resistance is needed to signal reversal Or outlook will stay Bearish for deeper declined ahead.

Trade Happy, Trade Safe.