Gold ended the week higher as a disappointing nonfarm payrolls report on Friday reinforced expected U.S. monetary easing. Gold on the weekly chart is showing as a strong up session at 1344. This is the 9th up week in the past 10 sessions in a move that has run from 17750 to 19744. There are no reversal signals on the weekly chart so the bias remains for another push higher. We see 19200 and 19000 as important supports. Now support for the gold MCX is seen at 19383 and below could see a test of 19238. Resistance is now likely to be seen at 19608, a move above could see prices testing 19688.

Trading Ideas:

Gold trading range is 19238-19688.

Gold ended the week higher as a disappointing nonfarm payrolls report on Friday

Holdings in gold ETF rose 16,832 troy ounces to 5.923 million ounces at Zurich Cantonal Bank

AU/AG ratio moves below 57.85 to lowest level since August '08