Daily Commentary and Analysis

As we expected a couple of days ago, gold broke out to upside, momentarily hit 665 and reversed. Based on current daily trend indicators, current downtrend is weakening. But short term indicators are mixed at the time of analysis.

Current near term support will be around 654 and resistance will be around 658. Short/Medium term resistance will at 661 and support at 648.

Current trend is neutral at the time of analysis. Key level to watch is 653~655 as a strong support area. Violation of 653 to downside would be another sign of selling wave as potentially it would be forming a bear flag during this consolidation period.

Possible upside target can be around 665 and downside target would be around 650~648 if near term support and resistance levels are taken out.

Thanks for listening

Good luck

DailyCom