Gold found a support at 656 and tested anticipated daily high at 665. Gold is in a tight trading range and forming a pennant in short term charts. It is very much likely that it would be breaking out in the either direction today.

Current near term strong resistance area would be at 665 and support will be around 662. Short/Medium term resistance will be around 669~671 and strong support will be around 657~655.

Current trend is slightly bullish at the time of analysis. Key levels to watch are 665 to upside and 662 to downside. Possible upside target would be around 669 and downside target can be around 657 if near term support and resistance levels are violated.

Good Luck!

Thanks for listening!

Gold Trader

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