Gold prices tumbled from record highs as a surprisingly upbeat jobless claims report and caution ahead of Friday's monthly employment data led investors to sell the metal. Gold opened at 19548. The metal gained momentum as equities rose on slightly better than expected jobs data, reaching its high of 19744. The gains were short lived as the dollar strengthened and investors took profit, taking gold to its low of 19371 late in the session. The metal recovered slightly, closing the day at 19456.Now support for the gold MCX is seen at 19303 and below could see a test of 19151. Resistance is now likely to be seen at 19676, a move above could see prices testing 19897.

Trading Ideas:

Gold trading range is 19151-19897.

Gold prices tumbled from record highs on surprisingly upbeat jobless claims report

Gold looks to take support at 19303 and resistance at 19676.

Spdr gold trust holding fell by 13.37 tonnes to 1288.54 tonnes