MCX Gold yesterday surpassed 18000 mark with a high of Rs 18047 per 10 grams. The prices closed at Rs 17998 per 10 grams up Rs 276 or 1.53%. Gold has remained an out performer this year when all the financial markets have faced pressures from recessionary fears from time to time.

Now technically market is in overbot as RSI for 18days is currently indicating 90.89, where as 50DMA is at 16335.46 and gold is trading above the same and getting support at 17805 and below could see a test of 17612 level, And resistance is now likely to be seen at 18119, a move above could see prices testing 18240.

Trading Ideas:

GOLD TRADING RANGE IS 17500-17900.

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

SELL GOLD DEC BELOW 17960 SL 18000 TGT 17935-17905-17876. MCX

GLOBAL MARKETS ARE IN PANIC MODE ON CONCERNS ABOUT DUBAI'S DEBT RESCHEDULING.

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