Daily Commentary and Analysis

After gold broke 659, it hit our upside target at 663. As we have been expecting, 651~655 was a bottom for this upswing. Based on current daily trend indicators, current downtrend is weakening. Short term indicators are in bullish mode at the time of analysis.

Current near term support will be around 659 and resistance will be around 666. Short/Medium term resistance will at 669~671 and support at 656.

Current trend is neutral at the time of analysis. Key levels to watch are 659 as a strong support area and 669 as a resistance. Established trading ranges are 657~651 and 657~665.

Possible upside target can be around 669 and downside target would be around 657 if near term support and resistance levels are taken out.

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DailyCom

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