The bullion went up at the start of Thursday and provided a good perspective for bulls. However, after reaching the levels around 1,217 it erased all daily gains almost in an hour. The losses were extended through Friday and the metal fell to 1,206.87, where it touched the first daily support, which is located exactly at that point. At the moment gold is rebounding and has passed the daily pivot point at 1,212.25. Above it are located the 55-hour SMA at 1,213.35 and daily R1 at 1,214.94.
SWFX traders are marginally bullish on gold on June 3, as 51% of them have opened long positions, a decline of four percentage points from yesterday's 55%.