"I think we're seeing massive commodity liquidation today off the heels of a strong dollar and some general profit taking after yet another big commodity month in June," said Zachary Oxman, a senior trader at Wisdom Financial.
"Gold's recent ascent was quite rapid, and correction and consolidation can be expected," wrote Mark O'Byrne, director at Gold & Silver Investments Ltd., in a research report.
Gold prices should find support at the $915 and $900 levels, he said.
"Inflation will remain the topic du jour as the Bank of England follows the Fed and [European Central Bank] in trying to tread the dangerous tightrope of sharply declining growth and rising inflation or stagflation," O'Byrne said. James Steel, chief commodities analyst at HSBC expects gold prices to trade on a weak note this week. Buying Gold arround $900 for a target of $1000 in few weeks likely to be fruitful strategy.
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