Gold prices were positive as the euro bounced on growing confidence that Ireland's debt crisis will be resolved, but China's measures to tighten its economy kept bullion under pressure. Russia's gold reserve on Nov. 1 was 24.9 million troy ounces worth $33.32 billion; up from 20.5 million ounces worth $22.38 billion on Jan. 1 this year, thus increasing by 21.46% in ounces in the first 10 months of this year, the Central Bank of Russia reported. Gold is closing the week at 20102. This is the second consecutive down week off of last week’s record 20569. This week the metal probed down to 19800 before making the recovery. Now support for the gold MCX is seen at 19971 and below could see a test of 19840. Resistance is now likely to be seen at 20177, a move above could see prices testing 20252.

Trading Ideas:

Gold trading range is 19840-20252.

Gold prices yesterday settled positive as the euro bounced

Gold looks to take support at 20020 and resistance at 20180.

Spdr gold trust holding rose by 6.04 tonnes to 1289.34 tonnes