Gold hit a record as a safe haven and currency hedge while investors fretted about how much of a fix the euro-zone bailout will be and whether it will prove inflationary. Gold opened on MCX on its low at 17920. Renewed safe haven buying saw the metal trade to its intraday high of 18278 late in the session. Quiet trading for the remainder of the day saw Gold close at 18229. Gold has set new all time highs for the second day in a row. Now support for the gold MCX is seen at 18007 and below could see a test of 17784. Resistance is now likely to be seen at 18365, a move above could see prices testing 18500.

Trading Ideas:

Gold trading range is 17784-18500.

Gold hit a record high as investors sought assets seen as havens from global instability

Support for the gold is seen at 18180 and resistance is at 18270.

SPDR gold trust holdings rose by 17.35 tonnes to 1209.50 tonnes

BUY GOLD @ 18075-18100 SL 18048 TGT 18135-18160-18200.MCX