Gold recovered from its lows on weekend on news of softer growth in the world's largest economy prompted a return of some of the safe-haven buying that has ebbed in recent days, and a weaker dollar on the news also helped the dollar-denominated metal by making it less expensive for those using other currencies. Gold surged higher, though a challenge of downtrend resistance (at 18070) off of the June high remains to be seen. Additionally, the weekly trend remains bearish as we have now seen the third consecutive down week, and two consecutive weeks with lower intraday highs and lows. Now support for the gold MCX is seen at 17921 and below could see a test of 17905. Resistance is now likely to be seen at 17963, a move above could see prices testing 17989.

Trading Ideas:

Gold trading range is 17905-17989.

Gold recovered from its lows on weekend as softer growth prompted safe-haven buying

Gold looks to take support at 17880 and resistance at 17990.

In spot gold looks to take support at 1172$ and resistance at 1192$