Gold yesterday traded in 100rs range and closed flat, with sentiment underpinned by a rise in ETF holdings and worries about the health of the global economy. Spot Gold added $2.35 an ounce to $1,225.25 an ounce, having hit an intraday day high of $1,228.45.

The world's largest gold-backed ETF, SPDR Gold Trust’s holdings rose to 1,294.604 tonnes by Aug. 17 from 1,286.699 tonnes on Aug. 12. Bullion investors showing a positive response after the news that top U.S. hedge fund managers kept their big bets on the metal in the second quarter, when the price of gold rallied to an all-time high. now technically market is trading in the range as RSI for 18days is currently indicating 62.17, whereas 50DMA is at 18418.96 and gold is trading above the same and getting support at 18606 and below could see a test of 18573 level, And resistance is now likely to be seen at 18685, a move above could see prices testing 18731.       

Trading Ideas:

Gold trading range is 18585-18743.

Gold in range with firm sentiment by a rise in ETF holdings and worries about economy

Investors showing a positive response after the news that top U.S. hedge fund managers.

In spot gold looks to take support at 1216$ and resistance at 1234$.

BUY GOLD OCT @ 18570-590 SL 18540 TGT 18620-18656-18700.MCX

Gold / Silver ratio is at 66.18. Yesterday Gold FIX $ has closed lower at : 1226.25