Gold is near the lowest levels of the session after bumping off $1599 in Asian trading.The 50% retracement of the move down from the May high is part of a cluster of resistance around $1600.
Technical selling, comments from Wen Jiabao and broad US dollar strength –especially against the euro — are behind the move. Fears about Europe have softened but are likely to return.
Gold has some measure of technical support at the late-Friday lows of $1584/86.
