As we anticipated last Friday, gold tested 656 level as a strong support. Although current daily trend is up, it is lack of signal strength and it is showing that short term trend is slightly bearish.

Current near term strong resistance area would be at 660 and support will be around 654. Short/Medium term support will be around 650~648 and strong resistance will be around 663.

Current trend is slightly bearish at the time of analysis. Key levels to watch are 658 to downside and 661 to upside. Possible downside target can be around 652~650 and upside target would be around 663~665. However, I believe that upside price movement will be limited today.

Good Luck!

Thanks for listening!

Gold Trader

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