Gold is closing higher for the third week in a row at current 1229.25$. Higher Highs (1251.5$) and Higher Lows (1211$) keep the bullish trend intact. We have a nice trend line on the weekly chart at 1198$. That line is drawn off 1085/1124/1167$ and represents an important down side. Resistance comes in at this week’s high of 1251.50$ and Elliot wave measured target of 1267$. We like Gold higher while the metal remains above 1198$.Now support for the gold MCX is seen at 18719 and below could see a test of 18703. Resistance is now likely to be seen at 18754, a move above could see prices testing 18773.

Trading Ideas:

Gold trading range is 18703-18773.

Gold ended slightly down but investors are interested in buying the metal as safe haven.

Support for the gold is seen at 18670 and resistance is at 18790.

In spot gold looks to have a support at 1216$ and resistance at 1232$

BUY GOLD AUG @ 18650-680 SL 18600 TGT 18712-18750-18790.MCX