Gold edged higher on bargain buying but showing little direction as demand for refuge assets remains low. Recent stability in U. S. and European markets has pulled support out from under gold prices. Gold opened the day at 17775, before dwindling to a low of 17675 after a vibrant U. S. dollar entered the fray. After the fix, the metal recouped to a high of 17795 as the dollar deflated amid deteriorating U. S. durable goods demand and the Fed’s subdued economic statement. Concluding the session at 17772, the commodity suffered after acquisitive funds cashed out. Now support for the gold MCX is seen at 17700 and below could see a test of 17627. Resistance is now likely to be seen at 17820, a move above could see prices testing 17867.

Trading Ideas:

Gold trading range is 17627-17867.

Gold yesterday edged higher on bargain buying

Gold looks to take support at 17700 and resistance at 17820.

Spdr gold trust holdings fell heavily by 18.55 tonnes to 1282.28 tonnes.