Daily Commentary - Analysis

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Daily Commentary and Analysis

Gold was traded within a very narrow trading range as it was a holiday in the UK and US on Monday. 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 is able to sustain above 651 level.

Current near term support will be around 653 and resistance will be around 656. Short/Medium term resistance will at 659 and support at 651.

Current trend is neutral at the time of analysis. Key levels to watch are 652~654 as a strong support area and 656 as potential breakout area to upside.

Possible upside target can be around 659~662 and downside target would be around 651~649 if near term support and resistance levels are taken out.

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Good luck

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