Daily Commentary and Analysis

Gold held 652~655 as a strong support and could not break the strong resistance level at 656 on Friday. Although daily trend is still down, I believe that gold is bottoming around 651~655 area. We would probably see a strong upward move during this week towards 665 area if gold holds 651 level. As today is a holiday in the UK and USA, we would see very quiet trading activities throughout the day.

Current near term support will be around 651 and resistance will be around 657. Short/Medium term resistance will at 660~662 and support at 649.

Current trend is slighly bullish at the time of analysis. Key levels to watch is 652~654 as a strong support area

Possible upside target can be around 660 and downside target would be around 649 if near term support and resistance levels are taken out.

Thanks for listening

Good luck

DailyCom