Gold price continues to trap the bulls

Mumbai-India (Mar 8)  Gold prices are facing selling pressure near 30,530 levels and have come down gradually as the bullish momentum generated due to sell off in greenback started to fizzle out. Currently gold is trading near 30,480 levels and intermediate support can be seen near 30,450.

 Break below the support level can push prices lower towards 30,350 levels. However, if prices close above 30,530 levels, then we can expect prices to move higher towards 30,650 levels.