Gold edged up and breached the 21000 figure in yesterday’s trading session as spreading turmoil in Libya and soaring oil prices stoked worry of slower economic growth and continued to drive investors seeking safe-haven to bullion. Spot gold edged up 0.1 percent at $1,413.35 an ounce after hitting a seven-week high of $1,416.30 in the previous session. Support from rising crude oil futures is expected as it rose near to 100$ mark on mounting fears that growing unrest in Libya could spread to other oil producers in the Middle East and North Africa. Now technically market is trading in the range as RSI for 18days is currently indicating 66.26, where as 50DMA is at 20491.46 and gold is trading above the same and getting support at 20789 and below could see a test of 20593 level, And resistance is now likely to be seen at 21096, a move above could see prices testing 21207.

Trading Ideas:

Gold trading range is 20593-21207.

Gold rose as escalating unrest in Libya and soaring oil prices fueled fears of inflation and slower economic growth.

Gold is having support at 20900 and resistance at 21100 level.

In spot gold looks to take support at 1400$ and resistance at 1424$.

GOLD HOLDING SUPPORT AT 20640 AND RESITANCE IS AT 20860 WILL WAIT FOR POSITION

Gold / Silver ratio is at 42.06. Yesterday Gold FIX $ has closed higher at : 1409.25