Gold ended the week firm after U. S. employment rose far less than expected in January, and after Fed Ben Bernanke indicated monetary policy would stay accommodative in the near term. Gold prices dropped on Friday as the dollar rose and safe-haven buying ebbed after an apparently unfounded television report sparked intense speculation that Egypt's President Hosni Mubarak could be stepping down soon, which would end unrest. Gold is registering its first up week at 20270 after four consecutive down sessions.

The 4 week down move took the unit from 21000 to 19800 before staging the bounce. A two and a half year trend line support comes in this week near 19500. This 19700 area also represents the 50% pullback of our last up leg from 1900 to 21000. Now support for the gold MCX is seen at 20247 and below could see a test of 20225.

Resistance is now likely to be seen at 20289, a move above could see prices testing 20309. Trading Ideas: Gold trading range is 20225-20309. Gold ended the week firm after U. S. employment rose far less than expected in January Gold is having support at 20200 and reistance at 20340 level. Spdr gold trust holding fell by 0.42 tonnes to 1228.86 tonnes