Gold settled at a record well above 20500 as re-emerging euro zone debt concerns heightened investor desire for a safer place to put their money. Similar concerns were responsible for pushing gold to record highs earlier in the year. Investors since turned their focus to gold as an alternative currency amid concerns about monetary easing causing some currencies to lose value and create inflation years down the road. Now technically market is trading in the range as RSI for 18days is currently indicating 70.75, where as 50DMA is at 19519.48 and gold is trading above the same and getting support at 20397 and below could see a test of 20267 level, And resistance is now likely to be seen at 20613, a move above could see prices testing 20699.

Trading Ideas:

Gold trading range is 20267-20699.

Gold settled at a record on re-emerging euro zone debt concerns

Gold looks to take support at 20400 and resistance at 20640.

Spdr gold trust holdings fell by 1.22 tonnes to 1292.98 tonnes