Gold ended slightly down recovering all of its losses as the dollar retreated from a one-day recovery on the back of a report that cemented market expectations that the Federal Reserve will buy bonds to inject money into the U. S. economy. Gold opened at 19540. As the dollar gathered strength, the metal traded to its low of 19455, triggering resting stops around the 13500 level. Strong fund buying coupled with a rallying equities as the dollar reversed, took the metal to its high of 19583 and closed at 19529. Now support for the gold MCX is seen at 19462 and below could see a test of 19394. Resistance is now likely to be seen at 19590, a move above could see prices testing
19650.

Trading Ideas:

Gold trading range is 19394-19650.

Gold ended slightly down recovering all of its losses due to weak dollar

Gold looks to take support at 19460 and resistance at 19590.

Spdr gold trust holdings fell by 0.91 tonnes to 1299.18 tonnes