Daily Commentary and Analysis

After gold broke near term support at 658 and it fell as low as 652. But it closed within anticipated daily strong support area around 654. Current daily trend and short term trend are bearish at the time of analysis. But it is quite oversold at the current price.

Current near term support will be around 652~655 and resistance will be around 656~657. Short/Medium term resistance will at 661 and support at 648~646.

Current trend is slighly bearish at the time of analysis. Key levels to watch are 652~654 as a strong support area and 656 as a strong resistance.

Possible upside target can be around 662 and downside target would be around 646 if near term support and resistance levels are taken out.

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DailyCom