Gold posted a record settlement as a stronger dollar failed to pierce the bullish momentum that has pushed the metal into uncharted territory this week. Gold is closing the week near its highs at 1149. This is the third up week in a row in a wave that started at 1027.

The metal has been as high as 1153 and our measured target remains 1188. Higher highs and higher lows keep our attention to the topside. This week's low of 1123 is seen as a support level. Now support for the gold MCX is seen at 17305 and below could see a test of 17220. Resistance is now likely to be seen at 17434, a move above could see prices testing 17478.

Trading Ideas:

GOLD TRADING RANGE IS 17100-17600.

THE GOLD MARKET SHRUGGED OFF A STRONGER U. S. DOLLAR TO SETTLE HIGHER

BUY GOLD DEC ABV 17435 SL 17380 TGT 17480-17512-17560. MCX

SPREAD BETWEEN GOLD DEC & FEB CONTRACTS ENDED AT 58

GOLD IS TAKING SUPPORT AT 17340 AND RESISTANCE AT 17440