June 2, 2016.On the Friday immediately preceding Memorial Day weekend, gold closed out the week disappointingly after trading lower for five consecutive days. In the absence of the US market on Monday of this week, that weakness continued and in thin trading conditions, gold tested all the way down to psychological support at $1,200. It immediately rebounded off this level though and has spent the rest of this week consolidating between $1,205 and the 100 day moving average, currently at $1,221.50. Physical demand out of Asia remains subdued but global ETFs added 137,000 toz to their holdings yesterday. In North America, demand for fabricated coin and bars is still weak and premiums continue to soften. Most participants seem to be on the sideline right now ahead of US non-farm payroll figures out tomorrow at 5:30 AM Pacific Time.