Gold extended gains and rose to its highest in seven weeks on Monday as growing unrest in the Middle East and rising oil prices underpinned sentiment settled up at 0.88% that is at 20730/10gms as protests that have unseated leaders in Egypt and Tunisia spread to neighboring states, threatening the grip of long-entrenched autocratic leaders elsewhere. Gold added to a weekly gain of nearly 3 percent last week and was poised for further upside on fresh news from North Africa and the Middle East, where revolutions which deposed the presidents of Tunisia and Egypt have inspired protests across the region, threatening the grip of long-entrenched autocratic leaders. With the unrest in the Middle East and North Africa, trader couldn’t leave for a long weekend with short positions, and this reflects investor sentiment for a flight to safety, adding that gold prices were likely to keep inching higher. Now gold is getting support at 20607 and below could see a test of 20485 level, And resistance is now likely to be seen at 20805, a move above could see prices testing 20881.

Trading Ideas:

Gold trading range is 20485-20881.

Gold extended gains as growing unrest in the Middle East and rising oil prices underpinned sentiment

Gold is having support at 20640 and resistance at 20820 level.

In spot gold looks to take support at 1388$ and resistance at 1416$

Gold / Silver ratio is at 41.94. Yesterday Gold FIX $ has closed higher at : 1403