Gold prices closed higher as lackluster economic data stoked concerns about the global economic outlook, spurring continued movement to the safe haven of gold. The gains in gold came after a disappointing Japanese economic growth report and lackluster manufacturing and housing data in the U. S. Enhancing over the weekend on dollar weakness, gold opened at 18590 and made a low of 18587. Gold reached to a intraday high of 18732, which was also a six-week high for the metal. The commodity later descended as the dollar recouped amid a tech-led recovery in equities, dipping before closing the session at 18672. Now support for the gold MCX is seen at 18595 and below could see a test of 18519. Resistance is now likely to be seen at 18740, a move above could see prices testing 18809.

Trading Ideas:

Gold trading range is 18519-18809.

Gold closed higher as lackluster economic data stoked concerns about global economic outlook

Gold looks to take support at 18595 and resistance at 18740.

In spot gold looks to take support at 1216$ and resistance at 1234$.