Gold yesterday traded in the tight range of 20500-20600 and is likely to trade in a tight range as year-end approaches, but some supportive rally can be seen on credit rating warnings in Europe. Yesterday Gold opened marginally lower at 20580. Consolidation before the holidays saw the metal trade within a tight range, rising to an intraday high of 20590 shortly after the open to an intraday low of 20511 soon after. Quiet trading took the metal to a close of 20520 now gold is getting support at 20491 and below could see a test of 20461 level, And resistance is now likely to be seen at 20570, a move above could see prices testing 20619.

Trading Ideas:

Gold trading range is 20461-20619.

Gold looks to take support on credit rating warnings in Europe

Gold looks to take support at 20460 and resistance at 20570.

SPDR Gold Trust holdings dropped to 1,288.616 tonnes by Dec. 22 from 1,298.029 tonnes on Dec. 21.

SELL GOLD FEB @ 20580-600 SL 20640 TGT 20550-20512-20470.MCX