Gold short term Technical outlook June 28, 2012

Gold currently trading at 29970, as we can see here gold respecting support of ascending trend line that is around 29860 stability below 29860 may trigger intraday weakness and metal may try to head towards 29750-29500 in short term. 14 periods RSI below 50 and MACD below 0 lines are suggesting downward momentum. Major resistance for this view will remain at 30200 stability above 30200 may neglect recent bearish developments and will take it to 30400-30700 in short term.

Supports: 29860-29700-29500

Resistance: 30040-30200-30400

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