Gold prices fell as lower U.S. jobless claims and a stalled euro rally prompted bullion investors to lock in recent profits. Earlier in the session, gold rose toward $1,350 an ounce, but sentiment turned bearish after the metal failed to gain further even as the euro surged above $1.40 before retreating. Gold opened at 19543. After a quick dip the metal traded to its high of 19606. As the dollar gained in strength, gold began to spiral downward, triggering stops around the 19425 and 19375 levels, eventually reaching its low of 19300. A small bounce on buying interest took the metal to its close of 19328.Now support for the gold MCX is seen at 19221 and below could see a test of 19113. Resistance is now likely to be seen at 19521, a move above could see prices testing 19713.

Trading Ideas:

Gold trading range is 19113-19713.

Gold prices fell as lower U.S. jobless claims and a stalled euro rally prompted profit booking

Gold looks to take support at 19220 and resistance at 19400.

Spdr gold trust holdings fell by 0.91 tonnes to 1298.27 tonnes