Gold settled in positive territory as a weaker dollar and a more certain outlook for Ireland's debt woes drew investors back into the precious metals market. The past few days have seen rising market speculation that Ireland would struggle to refinance its sovereign debt, or default on its payment obligations and destabilize the euro. Gold has risen by over 20 percent this year to a record $1,424.10 an ounce, lifted by concern over sovereign debt and the stability of the currency markets, before being hit heavily this week by weakness in other commodities. Now support for the gold MCX is seen at 19897 and below could see a test of 19815. Resistance is now likely to be seen at 20086, a move above could see prices testing 20193.

Trading Ideas:

Gold trading range is 19815-20193.

Gold rises on dollar weakness and Ireland debt woes

Gold looks to take support at 19900 and resistance at 20060.

Spdr gold trust holdings fell by 7.56 tonnes to 1286.30 tonnes