Gold settled flat as participants remained on edge about the sustainability of the economic recovery but didn't want to purchase new positions ahead of economic data later in the week. Gold opened the week at 18706, before skipping to a high of 18748 on fund-bidding. The metal later withdrew to a low of 18656 as the dollar leapt amid speculation that the economic recovery was stumbling, before recovering to finish the session at 18705.Now support for the gold MCX is seen at 18658 and below could see a test of 18611. Resistance is now likely to be seen at 18750, a move above could see prices testing 18795.

Trading Ideas:

Gold trading range is 18611-18795.

Gold settled flat as participants remained on edge about the sustainability of economic recovery

Gold looks to take support at 18655 and resistance at 18750.

In spot gold looks to take support at 1215$ and resistance at 1235$.