Gold finished lower as investors grabbed profits off after touching the all time high of 18850 earlier in the day with their risk tolerances increased following a strong U. S. housing report. The International Monetary Fund confirmed it sold 14.4 tonnes of gold in April, making its total bullion sales so far this year to 38.5 tonnes.

Now technically market is trading in the range as RSI for 18days is currently indicating 66.38, where as 50DMA is at 17555.24 and gold is trading above the same and getting support at 18548 and below could see a test of 18459 level, And resistance is now likely to be seen at 18788, a move above could see prices testing 18939.

Trading Ideas: Gold trading range is 18459-18939. Gold finished lower on profit booking but the uptrend remains intact Support for the gold is seen at 18570 and resistance is at 16710. SPDR gold ETF holdings hit another record high at 1268.23 tonnes BUY GOLD AUG @ 18570-620 SL 18520 TGT 18665-18712-18760.MCX