Gold prices rose to record highs as worries about the economic recovery encouraged buying of the metal as a safe haven investment. Gold has powered higher to a new record high close at 18187. While above 18000, we see 18500 mirror measured channel as next target. In one way directional move such as this, the unit is going to run until exhaustion. Once the buying has been satisfied, we would expect an equally violent correction. At this point there is no technical pattern to suggest the up move has run its course, and as such our view remains bullish.

Downside key support comes in today at 17960. Now support for the gold MCX is seen at 18037 and below could see a test of 17886. Resistance is now likely to be seen at 18289, a move above could see prices testing 18390.

Trading Ideas:

GOLD TRADING RANGE IS 17950-18400.

GOLD ENDED NEAR RECORD HIGHS BOOSTED BY HEAVY BUYING BY HEDGE FUNDS

BUY GOLD FEB ABV 18222 SL 18160 TGT 18257-18295-18340. MCX

GOLD IS HAVING SUPPORT AT 18120 AND RESIST AT 18356

GOLD SPDR HOLDINGS ROSE BY 0.61 TONNES TO SETTLE AT 1131.21 TONNES.