As the indicators warned of a weakness yesterday, gold was sharply sold off and found support (around our anticipated strong support and downside target) at 655. Based on medium term indicators, overall daily trend remains bullish and short term indicators are also pointing to go higher.

Current near term strong support will be around 660 and resistance area would be at 665. Short/Medium term resistance will be at 672 and 676 and strong support will be around 655.

Current trend is bullish at the time of analysis. Key level to watch is 660 to downside. Possible upside target would be around 672 and 676 and downside target can be around 655 if near term support and resistance levels are violated. However, it is very much likely that gold would be moving higher today unless gold breaks 660.

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Good Luck!

Thanks for listening!

Gold Trader

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