Gold prices were helped higher as downbeat economic data and rising uncertainty about next week's Federal Open Market Committee meeting saw investors re-enter the market. Gold is completing its third consecutive up month off 17750 at current 19807. This week the metal bounced off its two month trend line near 19400 thus keeping the bullish move alive. Last weeks aggressive reversal off record high 20028 appears to have been just a correction in the bull move. On the daily chart, Friday’s break of 19600 has triggered fresh buying of the metal. Now support for the gold MCX is seen at 19782 and below could see a test of 19756. Resistance is now likely to be seen at 19831, a move above could see prices testing 19854.

Trading Ideas:

Gold trading range is 19756-19854.

Gold prices were helped higher on downbeat economic data

Gold looks to take support at 19740 and resistance at 19854.

IMF sold 32.3 metric tons of gold in Sept, 22.3 tons on market