Gold was just in the trading range between the strong resistance 691 and 686 yesterday. Based on some technical indicators, I still believe that 688~691 area is posing as a potential selling zone. Although daily trend indicators are strong up, short term indicators are starting to show a weakness at current price.

Current near term support will be around 687~686 and resistance area would be at 692 . Short/Medium term support will be around 682 and resistance will be at 695.

Current trend is bearish at the time of analysis. Key levels to watch are 686 to downside and 692 to upside. Possible downside target can be around 679~674 and upside target would be around 694 if near term support and resistance levels are violated.

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Good Luck!

Thanks for listening!

Gold Trader

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