China's shock rate hike sent gold prices tumbling as investors fled the precious metal market for the perceived safety of cash. Gold opened at 19900 with a quick touch to its high of 19913 very soon after. The metal continued to be sold off, triggering stops around the 19650 and 19600 levels, eventually reaching its low of 19517 as the dollar kept up its strong momentum and equities sold off. Buying interest brought the metal back up slightly to its close of
19558. Now support for the gold MCX is seen at 19412 and below could see a test of 19267. Resistance is now likely to be seen at 19808, a move above could see prices testing 20059. Trading Ideas:

Gold trading range is 19267-20059.

Gold settled lower on China rate hike

Gold looks to take support at 19460 and resistance at 19640.

Spdr gold trust holdings fell by 0.91 tonnes to 1300.09 tonnes