Daily Commentary

 

After gold penetrated upper boundary of the triangle at 679, gold hit 685 as our lower margin of the anticipated upside target yesterday and again it hit 688 as our upper margin of the upside target. I hope gold is now testing the strongest resistance area at 688 and there is a potential selling around 688~691.

Current near term support will be around 685 and strong resistance area would be at 688. Short/Medium term resistance will be at 692 and support will be around 681.

Current trend is bullish at the time of analysis. Key levels to watch are 688 to upside and 685 to downside. Possible upside target would be around 692 and downside target can be around 671~678 if near term support and resistance levels are violated.

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Good Luck!

Thanks for listening!

Gold Trader

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