Gold was steady near its strongest level in five weeks, heading for its best weekly gain since early January, on inflation fears sparked by rising oil prices and flaring Middle East tensions. Spot gold tested the high $1,383.72 an ounce, after data showed U. S. core consumer prices rose 0.2 percent that month, the fastest pace in more than a year. While rising rates and gathering global growth reduce gold's allure as a hedge against stagflation, the metal may be getting support from buyers in Asia. Demand for gold in Asia rose 49 percent in 2010 to 1,731 tonnes, according to the WGC. China in particular has emerged as major buyer, as authorities fighting inflation promote gold as an alternative to bank deposits and property for stashing cash. Now technically market is trading in the range as RSI for 18days is currently indicating 53.91, where as 50DMA is at 20488.7 and gold is trading above the same and getting support at 20482 and below could see a test of 20448 level, And resistance is now likely to be seen at 20549, a move above could see prices testing 20582.

Trading Ideas:

Gold trading range is 20448-20582.

Gold ended firm on technical trading and muted U. S. economic data

Gold is having support at 20440 and resistance at 20590 level.

In spot gold looks to take support at 1372$ and resistance at 1394$.

Gold / Silver ratio is at 43.69. Yesterday Gold FIX $ has closed higher at : 1379