Gold ended positive as renewed credit worries and concerns about a global economic recovery triggered safe-haven demand after the metal tumbled in the previous session. Gold opened at 18560, on dollar potency as speculation was rife that, despite yesterday’s proclamation, China would continue intervening to weaken its currency. The metal promptly dipped to a low of 18541, before ameliorating as the dollar diminished, eventually reaching a high of 18673. The session concluded with the commodity trading just below that level at 18632. Now support for the gold MCX is seen at 18558 and below could see a test of 18483. Resistance is now likely to be seen at 18690, a move above could see prices testing 18747.

Trading Ideas:

Gold trading range is 18483-18747.

Gold ended positive as renewed credit worries triggered safe-haven demand

In today’s FED meet interest rate cut is expected to be unchanged

Spdr gold trust holding rose by 5.17 tonnes to all time high at 1313.13 tonnes

SELL GOLD AUG @ 18660-680 SL 18722 TGT 18635-18595-18540.MCX