Daily Commentary and Analysis

Gold was just trading within the near term support and resistance yesterday. Although daily trend indicators are down and some short term indicators are bullish at the time of analysis.

Current near term support will be around 642 and resistance will be around 645. Short/Medium term support is around 634~636 and resistance will be at 651.

Current trend is slightly bullish at the time of analysis. Key levels to watch are 644~645 as a resistance/breakout level towards 651 level and 640 as a suppport. We would see more selling if 640 level is violated.

Possible upside target can be around 651 and downside target would be around 634 if near term support and resistance levels are taken out.

Thanks for listening

Good luck

DailyCom

Technical Trading and Fibonacci

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