Gold tumbled when some speculators sold to exit from positions as some of the recent safe-haven demand abated and the dollar strengthened. The decline accelerated sharply when prices fell through key technical chart levels that prompted further selling. Now technically market is trading in the range as RSI for 18days is currently indicating 60.86, where as 50DMA is at 17592 and gold is trading above the same and getting support at 18353 and below could see a test of 18256 level, And resistance is now likely to be seen at 18584, a move above could see prices testing 18718.

Trading Ideas:

Gold trading range is 18256-18718.

Gold slides yesterday as safety buying abates

Support for the gold is seen at 18370 and resistance is at 18530.

SPDR gold ETF holdings rose by 0.31 tonnes to record high at 1268.54 tonnes

SELL GOLD AUG ON JUMP @ 18540-580 SL 18650 TGT 18470-18422-18340.MCX