Gold ended higher last week as investors continued to put faith in the metal's value amid largely uncertain markets elsewhere. Gold's surge to a new record high does nothing to shake our conviction in the current bullish surge. The metal closed higher for its fourth consecutive week and has gained for eight of the past nine. We are in uncharted territory and are likely to see longer term support now come in at the 18300 level, with thirteen week trend support coming in at 18420. Now support for the gold MCX is seen at 18838 and below could see a test of 18828. Resistance is now likely to be seen at 18861, a move above could see prices testing 18874.

Trading Ideas:

Gold trading range is 18670-18952.

Gold ended higher last week as investors continued to put faith in the metal's value

Support for the gold is seen at 18780 and resistance is at 18940.

In spot gold looks to have support at 1244$ and resistance at 1264$

BUY GOLD AUG @ 18800-820 SL 18752 TGT 18852-18888-18930.MCX