Gold closed higher as risk appetite of investors faded following renewed euro-zone debt worries and a disappointing job report from the US. Gold is closing higher this week at current 1214$ compared to last week’s 1211$. This is the second up week in a row from the bounce off 1167$.  While the metal closes above 1201$, we see risk of a move to previous major high 1249$. On the weekly chart there is a trend line off 1085$, 1124$ and 1167$ that comes in at 1188$. Minor resistance seen at this week’s high of 1228$. Now support for the gold MCX is seen at 18731 and below could see a test of 18669. Resistance is now likely to be seen at 18837, a move above could see prices testing 18881.

Trading Ideas:

Gold trading range is 18669-18881.

Gold closed higher as risk appetite of investors faded following renewed euro-zone debt worries

Support for the gold is seen at 18740 and resistance is at 18860.

Spdr gold trust reached to record high by gaining 17.82 tonnes to 1286.36 tonnes

BUY GOLD AUG @ 18750 SL 18700 TGT 18812-18845-18890.MCX