Gold ended with slight losses on intraday profit booking after prices rose to record high as speculation U.S. authorities will extend monetary easing and concern over euro zone debt lifted buying of the metal as a haven from risk. Investors rushed back into the gold market following Federal Reserve Chairman Ben Bernake's comments to CBS's "60 Minutes" Sunday. The Chairman said the Fed might increase its $600 billion so-called quantitative-easing program if necessary to prevent the economy from lapsing into a second recession. Gold's appeal as a store of value won out despite a stronger dollar. Now technically market is trading in the range as RSI for 18days is currently indicating 60.9, where as 50DMA is at 20173.9 and gold is trading above the same and getting support at 20734 and below could see a test of 20686 level, And resistance is now likely to be seen at 20852, a move above could see prices testing 20922.

Trading Ideas:

Gold trading range is 20686-20922.

Gold ended with slight losses on intraday profit booking after prices rose to record high

Gold looks to take support at 20735 and resistance at 20850.

In spot gold looks to have a support at 1412$ and resistance at 1440$.