Daily Commentary and Analysis

Gold came out of the trading range and sold-off deeply beyond our anticipated downside target yesterday. Daily and short term indicators are bearish at the time of analysis.

Current near term support will be around 639~640 and resistance will be around 644. Short/Medium term support around 632~631 and resistance will be at 649.

Current trend is bearish at the time of analysis. Key levels to watch are 644~645 as a resistance and 639~637 as a suppport.

Possible downside target can be around 631 and upside target would be around 649 if near term support and resistance levels are taken out.

Thanks for listening

Good luck

DailyCom

Technical Trading and Fibonacci

Technical analysis is a study of price patterns on charts. That includes studies of price ratios. Fibonacci is one of the interesting, well-known and commonly used analytical tools in T.A. To learn more about Fibonacci for FREE, please visit here.