Gold prices settled positive recovering from early lows on technical buying, as the metal's inverse link with the dollar looked to have broken, at least for now. Investors were awaiting clues from next week's Fed meeting on whether the U.S. central bank will pump more money into the economy by resume buying government debt to accelerate growth, a process known as quantitative easing. Gold opened at 19558 and reached its low of 19461 ahead of economic data. The metal recovered as equities gained on better than expected consumer confidence data, reaching its high of 19604. Quiet selling took gold to its close of 19592.Now support for the gold MCX is seen at 19501 and below could see a test of 19409. Resistance is now likely to be seen at 19644, a move above could see prices testing 19695.

Trading Ideas:

Gold trading range is 19409-19695.

Gold prices settled positive recovering from early lows on technical buying

Gold looks to take support at 19500 and resistance at 19645.

U.S. domestic production of mined gold was 20,600 kilograms in August