Gold finished the week positive on safe-haven buying. There was little new buying interest after news that U.S. consumer prices rose in July for the first time in four months on the back of higher energy prices, but underlying inflation remained tame amid a weak economy. Gold recorded its second consecutive up week, closing at 18565, after making an attempt at the mid-July high of 18600.

The close above the 50% ratio of our last down move at 18500 is a bullish signal for further gains into next week. Now support for the gold MCX is seen at 18555 and below could see a test of 18544. Resistance is now likely to be seen at 18573, a move above could see prices testing 18580.

Trading Ideas:

Gold trading range is 18544-18580.

Gold finished the week positive on safe-haven buying

Gold looks to take support at 18480 and resistance at 18640.

In spot gold looks to take support at 1206$ and resistance at 1224$.