Gold was just in the trading range between the strong resistance 691 and 687 yesterday. The trading range is becoming narrower each day and a chance of breakout is becoming higher. Daily trend indicators are strong up and short term indicators are showing up except current price is in a quite overbought condition.

Current near term support will be around 687~686 and strong resistance area would be at 691~692. Short/Medium term support will be around 682 and resistance will be at 694.

Current trend is slightly bullish at the time of analysis. Key levels to watch are 691~692 to upside and 687~686 to downside. Possible downside target can be around 682~679 and upside target would be around 694~696 if near term support and resistance levels are violated.

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Good Luck!

Thanks for listening!

Gold Trader

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