Gold moved higher despite late gains in the dollar, as investors prepared for what many see as a likely second round of economic stimulus by the U. S. Federal Reserve. Gold opened at 19555 trading to its low of 19545 shortly after the open as the dollar strengthened. The metal recovered to its high of 19678 as equities gained. Gold ended the day at 19669. Now support for the gold MCX is seen at 19583 and below could see a test of 19498. Resistance is now likely to be seen at 19716, a move above could see prices testing 19764.

Trading Ideas:

Gold trading range is 19498-19764.

Gold moved higher despite late gains in the dollar

China's gold output in August reached 27.655 tons

Spdr gold trust holdings fell by 0.91 tonnes to 1287.33 tonnes