Daily Commentary and Analysis

As we expected yesterday, gold just traded within a very narrow range yesterday. Current daily and short term trend indicators are up at the time of analysis. A potential pennant is forming in the daily chart and it would probably break another level of downtrend line around 658 targetting 665 level.

Current near term support will be around 653 and resistance will be around 656~657. Short/Medium term resistance is around 662~665 and support will be at 650.

Current trend is bullish at the time of analysis. Key levels to watch are 653 as a strong support and 656~657 as a potential breakout point towards 665 area.

Possible upside target can be around 662~665 and downside target would be around 650 if near term support and resistance levels are taken out.

Thanks for listening

Good luck

DailyCom

Technical Trading and Fibonacci

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