Gold fell and holding support at 20000 mark on economic optimism in the US and Europe, but rising oil prices could offer support, while physical demand was expected to pick up again after the Lunar New Year celebration. Investors awaited the European Central Bank's rate decision later in the day, but the U.S. non-farm payroll data due on Friday was likely to be the main focus, with hiring probably gathering steam in January. Tensions in Egypt which pushed up energy prices, but bullion was well below a lifetime high around $1,430 struck in December. Markets in Singapore, Hong Kong and China are closed for the Lunar New Year, now technically market is trading in the range as RSI for 18days is currently indicating 35.49, where as 50DMA is at 20594.46 and gold is trading below the same and getting support at 19951 and below could see a test of 19881 level, And resistance is now likely to be seen at 20120, a move above could see prices testing 20219.

Trading Ideas:

Gold trading range is 19881-20219.

Gold prices dropped after an encouraging U.S. private-sector jobs report

Gold looks to take support at 19960 and resistance at 20080 level.

India imported around 40 metric tons of gold in January,up from 34 tons a year earlier

SELL GOLD APRIL BELOW 20000 SL 20056 TGT 19972-19928-19854.MCX

Gold / Silver ratio is at 47.13. Yesterday Gold FIX $ has closed lower at : 1337