Gold rose in a rally with other commodities on improving economic sentiment at the onset of U.S. corporate earnings season. Gold opened the day at 18355 and made a low of 18351, as the dollar recoiled after Alcoa’s sanguine economic forecast and Greek debt sales buttressed optimism in the economic recovery. The metal was bolstered by buoyant-fund buying, attaining a high of 18518, as the dollar continued to be surmounted. The commodity suffered however, closing the day at 18448, as funds captured profit. Now support for the gold MCX is seen at 18360 and below could see a test of 18272. Resistance is now likely to be seen at 18527, a move above could see prices testing 18606.

Trading Ideas:

Gold trading range is 18272-18606.

Gold rose in a rally with other commodities on improving economic sentiment

Gold looks to take support at 18360 and resistance at 18530.

In spot gold looks to take a support at 1200$ and resistance at 1224$.