Yesterday Gold has very high volume in last five years. This may be because of news and weakness in other markets.
Even with this his volume gold was not able to make big movements because of oversold level. But we can study the support levels based on the volume level.
I tried to create a value zone and break it for studying the price movement. Based on current level price can go high upto 1886 as it is the upper limit of this value zone.
In present lower value zone there is strong support between 1864 - 1854.
So even if price lowers these levels may help gold find good support and help in retracement.
I suggest to go for short trades with SL at last higher high.
For today here is my idea
SELL 1872 SL 1886 TP 1800 (long term trade)
SELL 1872 SL 1876 TP 1864 (scalp)
Even with this his volume gold was not able to make big movements because of oversold level. But we can study the support levels based on the volume level.
I tried to create a value zone and break it for studying the price movement. Based on current level price can go high upto 1886 as it is the upper limit of this value zone.
In present lower value zone there is strong support between 1864 - 1854.
So even if price lowers these levels may help gold find good support and help in retracement.
I suggest to go for short trades with SL at last higher high.
For today here is my idea
SELL 1872 SL 1886 TP 1800 (long term trade)
SELL 1872 SL 1876 TP 1864 (scalp)