Gold settled down amid encouraging signs of recovery, following the IMF's upward revision of economic growth forecasts. Gold opened the day at 18393 quickly reaching its high of 18466. As equities advanced, the metal saw good selling taking it to a low of 18225. Opportunistic buying at these levels had Gold slowly climbing back during the rest of the session to close at 18313.Now support for the gold MCX is seen at 18203 and below could see a test of 18094. Resistance is now likely to be seen at 18444, a move above could see prices testing 18576.

Trading Ideas:

Gold trading range is 18094-18576.

Gold settled down amid encouraging signs of recovery

Gold looks to take support at 18240 and resistance at 18380.

Spdr gold trust holdings fell by 0.44 tonnes to 1316.04 tonnes

BUY GOLD AUG @ 18300 SL 18258 TGT 18330-18366-13390.MCX