Today there is a important news on inflation numbers. Market can break all the resistances and touch new levels. Since the day it broke the trend line it is trying to cross 1800 and failed to settle above it for nearly three times. Today if news is positive for gold it can test the 1808 level. But before reaching that 1796 is a big order block. Here we will have high resistance. If news is negative for gold then it may test the support at 1768. But since a week 1775 is giving good support. Upto 6 pm the price may test 1784 level and will range between 1775 to 1784.
Anyway we should keep in mind that the momentum is negative and this will help bears to break supports even with small volumes. So only if we can see ultra high volume we can expect the resistance to break. Otherwise 1768 is a delicate target. Take caution
Anyway we should keep in mind that the momentum is negative and this will help bears to break supports even with small volumes. So only if we can see ultra high volume we can expect the resistance to break. Otherwise 1768 is a delicate target. Take caution