Gold ended the week higher as speculators engaged in creating huge positions, taking cues from firming global markets. Gold is completing its seventh up week in the last eleven sessions at 19864 in a move that started down at 17800. The metal achieved a fresh record high at 20028 this week. The move has exceeded our long term Elliot Wave target of 19900. The weekly chart remains bullish but the daily chart is actually confirming a bearish turn.  The Daily chart closed lower after yesterdays Inverted Hammer formation. For short term traders the sell signal has been confirmed which has first target the 38.2% Fibo of 19500. U.S. gold exports rose 92.4% in August from the previous month, and was up 69.8% from the previous year, the Commerce Department reported. Now support for the gold MCX is seen at 19770 and below could see a test of 19676. Resistance is now likely to be seen at 19949, a move above could see prices testing 20034.

Trading Ideas:

Gold trading range is 19676-20034.

Gold ended week higher as speculators engaged in creating positions taking cues from global markets

U.S. gold exports rose 92.4% in August from previous month

Spdr gold trust holdings fell by 2.43 tonnes to 1301.91 tonnes