Gold rose last week underpinned by fears over a European debt crisis, rising inflation and growing unrest in the Middle East. Gold also benefits as a safe haven as worries about the political stability of the region have flared this week, with unrest spreading after protests in Tunisia and Egypt unseated leaders there. Gold is completing a strong up week at 20548. The closest resistance is seen at 20750, followed by January high 20900. Long term Gold trend line support is seen at 19500. The market is starting to look toward record high 21100 against the backdrop of Silver making fresh highs. Now support for the gold MCX is seen at 20525 and below could see a test of 20501. Resistance is now likely to be seen at 20565, a move above could see prices testing 20581.

Trading Ideas:

Gold trading range is 20501-20581.

Gold rose last week underpinned by fears over a European debt crisis

Gold is having support at 20470 and resistance at 20620 level.

Spdr hold trust holdings fell by 0.91 tonnes to 1223.10 tonnes.

BUY GOLD APR ABV 20570 SL 20532 TGT 20602-20638-20680.MCX

Gold / Silver ratio is at 42.27. Yesterday Gold FIX $ has closed lower at : 1383.5