On the daily chart, Comex Gold took the support of $1750 and bounced back to $1780 again and trading near to its crucial resistance level of $1780—$1788.
Decisive break and close above $1788 will take Comex Gold to $1805—$1820. Or else it could test its support level of $1765—$1758
At this stage, the downside risk is limited and traders can try to buy in decline around $1765—$1758 with stop loss below $1750 on a closing basis for the upside target of $1805—$1820.
Our view gets negate on a close below $1750
Traders should keep an eye on Non-Farm Employment Change data from the house of US at 6 PM (IST). The forecast figure is 725k.