Gold is ending the fourth consecutive week up at 20961 as the crisis in Libya and soaring oil prices stoked inflation worries. Investment demand in developed markets for products such as gold-backed exchange-traded funds remained soft. Holdings of the largest, New York's SPDR Gold Trust, fell to a nine-month low at 1,211.568 tonnes on Thursday. The metal traded to 21150 which is just shy of our first target of 21200. Big picture, the 21200 and 21300 levels offer significant resistance. A break would call for a measured move to 21500 which is the 1.618% distance of our January correction. Now support for the gold MCX is seen at 20939 and below could see a test of 20917. Resistance is now likely to be seen at 20977, a move above could see prices testing 20993.

Trading Ideas:

Gold trading range is 20917-20993.

Gold ended week up as the crisis in Libya and soaring oil prices stoked inflation worries.

Gold is having support at 20840 and resistance at 21050 level.

In spot gold looks to get resistance at 1422$ and support at 1396$ level.

Gold / Silver ratio is at 42.21. Yesterday Gold FIX $ has closed lower at : 1402.5