Gold prices bounced as speculators continue moving into the metal as a bet against rising fears about Europe's sovereign debt crisis. It got a lift on talk in the market that a large, longer-term macro fund is purchasing gold rather than the euro via several banks. Gold in euros has extended its record high to EUR 1,035.27. Now technically market is trading in the range as RSI for 18days is currently indicating 66.73, where as 50DMA is at 17750 and gold is trading above the same and getting support at 18717 and below could see a test of 18474 level, And resistance is now likely to be seen at 19097, a move above could see prices testing 19234.

Trading Ideas:

Gold trading range is 18474-19234.

Gold gains amid move into euro priced metal

Support for the gold is seen at 18900 and resistance is at 19020.

Gold in euros has extended its record high to EUR 1,035.27.

BUY GOLD  AUG @ 18830-850 SL 18780 TGT 19885-18922-18970-19056.MCX