Gold ended 1 percent lower as investors locked up profits after the metal hit record highs the past two days, but strong investment demand is expected to support prices. Gold opened on its high at 18201 on MCX. Profit taking took Gold lower, triggering resting stops around 18000, taking us to an intraday low of 17966 late in the session. Gold closed shortly afterwards at 18030.Now support for the gold MCX is seen at 17930 and below could see a test of 17831. Resistance is now likely to be seen at 18165, a move above could see prices testing 18301.

Trading Ideas:

Gold trading range is 17831-18301.

Gold ended 1 percent lower as investors locked up profits

Support for the gold is seen at 17980 and resistance is at 18070.

In spot gold looks to have support at 1224$ and resistance is at 1246$.

BUY GOLD JUNE @ 18000 SL 17960 TGT 18045-18090-18130.MCX