Daily Commentary and Analysis

Gold was rejected at 658 and fell as low as 652 on Wesnesday. Based on current daily trend indicators, current downtrend is weakening. Short term indicators are also showing some strength at the time of analysis.

Current near term support will be around 655~654 and resistance will be around 659. Short/Medium term resistance will at 663~665 and support at 651.

Current trend is neutral at the time of analysis. Key level to watch are 655~654 as a strong support area and 659 as a resistance/breakout to upside. Established trading ranges are 657~651 and 657~665.

Possible upside target can be around 663~665 and downside target would be around 651~648 if near term support and resistance levels are taken out.

Thanks for listening

Good luck

DailyCom

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