01 Jul Monday View

Gold found some support around 28500 (USD 1182) and bounced back from there, as last week's fall, as most of us agree, was triggered by fund manages getting out of bad positions selling them at the end of second quarter, and not a sustainable move, at least for now.

30000 (USD 1244.21) and 30590 (USD 1268.88) should play some resistance roles for now. If the latter 30590 is broken and held, the consolidation is expected to resume towards 33545 (USD 1391.23) and in that case positions could be played cautiously Bullish. But if those levels don't give up and contain the price, either we will have the price trade in a range for some time OR pushed further below.

Stay Safe.