After breaking 638 level to downside, gold reached my downside target at 633 and reversed. Although medium term indicators are showing bearishness, short term indicators are signalling a rebound.

Current near term resistance area would be at 650 and strong support will be around 639. Short /Medium term support will be around 632.

Current trend is slightly bullish for the day at the time of analysis. Key levels to watch are 644 to upside and 638 to downside. Possible upside target can be around 650~653 and downside target can be around 638. I believe that downward movement will be limited today.

Good Luck!

Thanks for listening!

Gold Trader

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