Gold settled higher continuing an upward trend as investors sought refuge following negative U.S. economic data. Higher-than-expected weekly jobless claims and disappointing manufacturing figures boosted gold, seen by some investors as a safe haven. Gold opened the session at its low of 18625, as a debilitated dollar proved easy prey. The metal accelerated early in trading, as aggravated joblessness and sluggish manufacturing data halted the recent advance in equities, and amplified safe-haven bidding by perturbed investors. The commodity ultimately hit a high of 18825, before settling on 18787 for the day. Now support for the gold MCX is seen at 18666 and below could see a test of 18546. Resistance is now likely to be seen at 18866, a move above could see prices testing 18946.

Trading Ideas:

Gold trading range is 18667-18803.

Gold ended higher supported by higher than expected weekly jobless claims data

Support for the gold is seen at 18720 and resistance is at 18840.

Spdr gold trust rose by 1.76 tonnes to record high at 1307.96 tonnes

BUY GOLD  @ 18680 SL 18630 TGT 18725-18760-18800.MCX (CORRECTION DUE)