Gold settled higher as a refuge after weaker-than-expected U.S. jobless data added to anxiety about the economic recovery. Gold opened at 18417, as recent cynicism on the economy caused the re-emergence of safe-haven bidding for the commodity. The metal dipped to a low of 18337 before leaping to a high of 18578 as investors continued to jostle for safety after higher than-expected jobless claims cast doubts on the nascent recovery. Gold consolidated the day just below its high at 18550.Now support for the gold MCX is seen at 18399 and below could see a test of 18247. Resistance is now likely to be seen at 18640, a move above could see prices testing 18729.

Trading Ideas:

Gold trading range is 18247-18729.

Gold settled higher as a refuge after weaker-than-expected U.S. jobless data

Gold looks to take support at 18470 and resistance at 18640.

Spdr gold trust holding rose by 0.91 tonnes to 1286.70 tonnes