Daily Commentary - 24 Jan 07

 

 

After gold broke 636 level and tested 647.

Today, support area will be around 640~642 and near term resistance will be at 644~647. Short term resistance will be around 651 and support level will be around 636.

Today trend is slightly bearish at the time of analysis. Overall daily trend is strongly up but current price is overbought. Violoation of 640 to downside would indicate a weakness and potential selling. Breaking above 644 would lead towards 651. On the other hand, 650~651 would be a strong resistance area and it is something to watch out.

Good Luck!

Thanks for listening!

Gold Trader

p.s I have also posted the signals on my main web site in individual chart page