Gold hit yet another record on its spurt higher on broad concerns that aggressive monetary easing is destabilizing currency markets. Gold assets in ETPs rose 0.6 metric ton to 2,094.9 tons as of Oct. 5, according to data from 10 providers. Holdings are up 17 percent this year and reached an all-time high of 2,097.01 tons on Sept. 30. Gold opened at 19522 trading down to its low of 19507 as the dollar began to recover. The move was short lived however, as investors looked to currency alternatives and in so doing took gold to its high of 19617. Profit taking saw the metal close at 19523.Now support for the gold MCX is seen at 19481 and below could see a test of 19439. Resistance is now likely to be seen at 19591, a move above could see prices testing 19659.

Trading Ideas:

Gold trading range is 19439-19659.

Gold ended firm on broad concerns that aggressive monetary easing is destabilizing currency markets

Gold looks to take support at 19481 and resistance at 19591.

Gold assets in ETPs rose 0.6 metric ton to 2,094.9 tons