Daily Commentary and Analysis

Gold was rejected from the strong resistance at 658 yesterday. Current daily trend is up and short term trend indicators are mixed 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 662 level.

Current near term support will be around 652 and resistance will be around 655~657. Short/Medium term resistance is around 661 and support will be at 648.

Current trend is neutral at the time of analysis. Key level to watch is 652~651 as a strong support. As today is a holiday in USA, market would probably be trading within a range. Potential trading range is between 652~657.

Possible upside target can be around 661 and downside target would be around 648 if near term support and resistance levels are taken out.

Thanks for listening

Good luck

DailyCom

Technical Trading and Fibonacci

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