Gold ended firm by some modest safe haven buying amid investor jitters over the European debt crisis after a newspaper report that euro zone nations were pressuring Portugal to follow Ireland's lead and seek a bailout. Gold, on the weekly chart, is closing as a small up session at 20310. It appears Gold has settled into a consolidation range after our big 17660 to 20550 up move. This price behavior could continue for a couple more weeks before the market decides to continue higher above 20550, or reverse back toward 19200. Stop losses now lie below 19400. Now support for the gold MCX is seen at 20198 and below could see a test of 20086. Resistance is now likely to be seen at 20420, a move above could see prices testing 20530.

Trading Ideas:

Gold trading range is 20086-20530.

Gold ended firm by some modest safe haven buying

Gold looks to take support at 20200 and resistance at 20420.

In spot gold looks to take support at 1348$ and resistance at 1376$