As we anticipated a few days earlier, gold was sold-off from 688~691 area and hit our upper margin of downside target at 679 yesterday and recovered. Overall daily trend remains bullish. But some short term indicators are becoming bearish and some daily indicators are indicating a slight weakness in the current uptrend.

Current near term resistance will be around 689 and support area would be at 684. Short/Medium term strong support will be around 678 and strong resistance will be at 692.

Current trend is slightly bullish at the time of analysis. Key levels to watch are 684 to downside and 689 to upside. Possible downside target can be around 678~673 and upside target would be around 692~695 if near term support and resistance levels are violated.

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Good Luck!

Thanks for listening!

Gold Trader

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