Gold bounced from lows but only slightly as investors continued to lighten their holdings of the metal, which has been losing its appeal as a refuge amid calming markets. On a closing basis, support for gold still holds at 17640, as the metal's attempts past this point continue to bring buyers into the market. This is encouraging as far as arresting the liquidation goes, but without a break of downtrend resistance, currently holding at 18000, we see no reason to turn bullish on gold. Now support for the gold MCX is seen at 17675 and below could see a test of 17589. Resistance is now likely to be seen at 17833, a move above could see prices testing 17905.

Trading Ideas:

Gold trading range is 17589-17905.

Gold bounced from lows but only slightly as investors continued to lighten their holdings

Gold looks to take support at 17675 and resistance at 17830.

In spot gold looks to take support at 1154$ and resistance at 1178$