Gold prices retreated slightly after touching a two-month high last night as the market came under pressure from the strengthening dollar. It, however, staged a spirited comeback as base metal counters attracted fund buying.Gold futures, which earlier touched $629.40/oz, slipped $1.50 to $627.70 and closed on the MCX at Rs 9,148/10 gm. Spot silver was down at $12.49/ounce from $12.57.It is doubtful whether gold will be able to continue its rally this week as it is still finding sellers at the $630-level, which represents stiff resistance.On the support side, gold is likely to find the level at $618-612, and $607.5, respectively.Today, gold appears to be range-bound. However, bulls continue to dominate the trade for the resistance of $638-645 as bullish players probe higher price levels.This morning, the MCX bullion counter opened mixed, and the slightly weak silver was looking to find support at Rs 18,750-18,780/kg and gold at Rs 9,080-9,090/10 gm.Gold is around Rs 9,126/10 gm and silver at Rs 18,866/kg.
