Gold steadied the weekend as data showing the U.S. non-manufacturing sector grew in August at a slower pace than July helped offset a stronger-than-expected U.S. non-farm payrolls reading to lift the metal's haven appeal. Gold at 18971 completed its fifth consecutive up week; the bullish move having started at 17700 and having an initial target at 19200. Price action on the weekly chart is following a well defined bull channel with parameters at 18650 and 19170. Now support for the gold MCX is seen at 18854 and below could see a test of 18737. Resistance is now likely to be seen at 19084, a move above could see prices testing 19197.

Trading Ideas:

Gold trading range is 19024-18824.

Gold steadied weekend as data showing U.S. non-manufacturing sector grew in August

On MCX gold looks to take support at 18854 and resistance at 19084 level

Spdr gold trust holdings fell by 0.47 tonnes to 1294.44 tonnes