Gold ended lower on profit booking after prices rose earlier in the day as Europe’s debt woes boosted demand for a haven. The precious metal also gave up gains in euro and sterling terms, after hitting record highs in both currencies as investors bought the metal as a safe store of value. Gold demand in Saudi Arabia, the Middle East's largest consumer of the precious metal, is expected to remain steady next year despite higher prices, a World Gold Council official said. Strong economic data from around the globe added to investors' desire to hold gold as an inflation hedge. Now technically market is trading in the range as RSI for 18days is currently indicating 58.76, where as 50DMA is at 20086.78 and gold is trading above the same and getting support at 20520 and below could see a test of 20418 level, And resistance is now likely to be seen at 20796, a move above could see prices testing 20970.

Trading Ideas:

Gold trading range is 20418-20970.

Gold yesterday ended lower on profit booking

Gold looks to take support at 20420 and resistance at 20740.

Spdr gold trust holding rose by 7.29 tonnes to 1293.89 tonnes