Gold rose over 1 percent in volatile trade as strong buying by exchange traded funds and safe-haven demand driven by ongoing unrest in Egypt triggered large buy orders, investors took to the sidelines ahead of U.S. January non-farm payroll data. Markets in Singapore, Hong Kong and China are closed for the Lunar New Year. Investors are paying close attention to Friday's U.S. January non-farm payroll data due at 1330 GMT. Traders said that gold prices could retreat sharply if the data promotes an optimistic view of the economy. Now technically market is trading in the range as RSI for 18days is currently indicating 47.1, where as 50DMA is at 20581.96 and gold is trading below the same and getting support at 20077 and below could see a test of 19810 level. And resistance is now likely to be seen at 20485, a move above could see prices testing 20626.

Trading Ideas:

Gold trading range is 19810-20626.

Gold rose as strong buying by ETFs and safe-haven demand driven by ongoing unrest in Egypt supported prices

Spdr gold trust holdings rose by 2.13 tonnes to 1229.28 tonnes.

Turkish gold imports totaled 11.124 metric tons in January

Gold / Silver ratio is at 46.84. Yesterday Gold FIX $ has closed lower at : 1328