Gold yesterday traded in the wide range of 20420-20580 but settled flat at 20505, retreating from a 1-month high as the U.S. dollar strengthened following a flurry of U.S. data, reducing the precious metal’s appeal as an alternative asset. But some support is been witnessed after rising political tension in the Middle East buoyed bullion's appeal as safe haven. Political tension in the Middle East and North Africa escalated, after Israel said a move by Iranian warships to traverse the Suez Canal was a "provocation" and riot broke out in Libya. Now technically market is trading in the range as RSI for 18days is currently indicating 53.44, where as 50DMA is at 20494.3 and gold is trading above the same and getting support at 20430 and below could see a test of 20354 level, And resistance is now likely to be seen at 20577, a move above could see prices testing 20648.

Trading Ideas:

Gold trading range is 20354-20648.

Gold ended flat after Israel said two Iranian warships planned to sail through Suez canal en route

Gold is having support at 20420 and resistance at 20570 level.

In spot gold looks to get support at 1368$ and resistance at 1380$

Gold / Silver ratio is at 44.9. Yesterday Gold FIX $ has closed lower at : 1371.25