Gold yesterday traded as per expectation with the bearish tone as investors look to end a record breaking year by taking some profits off the table before the holidays. Gold eased after opening at 20505, before fund selling after mixed economic data took the metal to an intraday low of 20382. Sporadic physical interest took us back to opening levels but volumes soon faded and range trading commenced. Quiet trade for the remainder of the session took us to a close of 20438. now technically market is trading in the range as RSI for 18days is currently indicating 50.97, where as 50DMA is at
20395.26 and gold is trading above the same and getting support at 20376 and below could see a test of 20316 level, And resistance is now likely to be seen at 20503, a move above could see prices testing

Trading Ideas:

Gold trading range is 20316-20570.

Gold ended with bearish tone as investors look to end a record breaking year before the holidays

Gold looks to take support at 20370 and resistance at 20503.

In spot gold looks to take support at 1364$ and resistance at 1388$.

BUY GOLD FEB @ 20410-435 SL 20370 TGT 20460-20490.MCX