As I expected yesterday, gold tested the strong resistance and intraday high at 680. Daily trend and short term trend remain bullish. Based on previous days' bar pattern, market is coiling and preparing for another strong move. But I believe market is in a overbought condition and we would see some reactions. However, upper and lower boundary of the triangle are good places to watch for a breakout move.

Current near term support will be around 674 and strong resistance area would be at 680. Short/Medium term resistance will be at 685~688 and support will be around 667.

Current trend is slightly bullish at the time of analysis. Key levels to watch are 674 to downside and 680 to upside. Possible downside target can be around 667 and upside target would be around 685 if near term support and resistance levels are violated.

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Good Luck!

Thanks for listening!

Gold Trader

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