Gold dipped to anticipated short term support around 682 and reversed back to anticipated short term resistance around 691. Based on some technical indicators, I still believe that 688~691 area is posing as a potential selling zone. Although daily trend indicators are strong up, short term indicators are starting to show a weakness at current price.

Current near term support will be around 687 and strong resistance area would be at 691. Short/Medium term support will be around 679 and resistance will be at 696.

Current trend is neutral at the time of analysis. Key levels to watch are 687~686 to downside and 691 to upside. Possible downside target can be around 679~676 and upside target would be around 696 if near term support and resistance levels are violated.

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Good Luck!

Thanks for listening!

Gold Trader

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