Gold ended positive as investors repurchased previously sold positions seeking to capitalize on the metal's recent pullback to what some saw as bargain levels. Gold registered another down week, but only by a slim margin. With a doji on the weekly candlestick, the market may have now finished testing the downside in gold, suggesting that 18250 will continue to hold strong support on a weekly closing basis. Weekly support looks to take at 18000, should continue to keep the upwards pressure on the metal well entrenched. Now support for the gold MCX is seen at 18402 and below could see a test of 18389. Resistance is now likely to be seen at 18423, a move above could see prices testing 18431.

Trading Ideas:

Gold trading range is 18254-18448.

Gold ended positive as buying interest re-emerged

Gold looks to take support at 18340 and resistance at 18480.

Spdr gold trust holdings fell by 1.53 tonnes to 1314.51 tonnes

BUY GOLD AUG @ 18300-330 SL 18250 TGT 18380-18420-18468.MCX