Gold tested around 659 as high of the day on Friday and sold off sharply.

Current strong resistance area is 650. Short term support will be around 643 and resistance will be around 654~656.

Although overall daily uptrend is intact, based on last Friday price action, there is a sign of weakness in current uptrend. Early Warning indicator is also signalling a weakness and potential trend reversal.

Key level to watch on Monday is 650~652 for a pullback. Potentially, upside moves will be limited and downside moves will be favoured as long as gold is below 650 and possible test of 636.

Good Luck!

Thanks for listening!

Gold Trader

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