Daily Commentary and Analysis

Gold broke out of our near term resistance at 644 and approached our upside target around 651 yesterday. Although daily trend indicators are still down and short term indicators are bullish at the time of analysis.

Current near term support will be around 647~646 and resistance will be around 649. Short/Medium term support is around 642~639 and resistance will be at 654~656.

Current trend is bullish at the time of analysis. Key levels to watch are 646~647 as a strong support and 649 as a breakout level towards 654.

Possible upside target can be around 654~656 and downside target would be around 639 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.