Gold hit all-time highs as investor sentiment improved based on a broadly lower dollar and a report that India may buy more gold from the International Monetary Fund. Gold opened at 17544 on MCX and moved higher. Initial strength in the dollar moved gold toward its lows. Later strong new home sales beat expectations, propelling equity markets higher.

The metal moved off its lows and followed the equity run up. It continued its upward trend as strong oil prices and a reversal in the dollar conspired to bring it to its all time high of 17734, finally settling at 17722. Now support for the gold MCX is seen at 17599 and below could see a test of 17477. Resistance is now likely to be seen at 17789, a move above could see prices testing
17857.

Trading Ideas:

GOLD TRADING RANGE IS 17500-17900.

GOLD HIT ALL-TIME HIGHS AS INVESTOR SENTIMENT IMPROVED BASED ON LOWER DOLLAR

BUY GOLD DEC ON DIP @ 17625-650 SL 17580 TGT 17685-17700-17726.MCX

INDIA OPEN TO BUYING MORE IMF GOLD – REPORT

SPDR GOLD HOLDINGS INCREASED BY 5.49 TONNES AND SETTLED AT 1127.86 TONNES