Gold concluded the week at 18814 which is down marginally from last week’s 18849. We reached a high this week to 18875, while also registering the fifth consecutive week of achieving a higher low of 18500. Trend followers are long the metal and should raise their trailing stop loss to 18460 from this week’s 18350. Big picture, this up move in gold started in October 2008 at 13350. It appears that we are in wave five of an Elliot Wave series that should take the commodity to 20500 in the case where wave one is equal to wave five in distance. Now support for the gold MCX is seen at 18806 and below could see a test of 18798. Resistance is now likely to be seen at 18821, a move above could see prices testing 18828.

Trading Ideas:

Gold trading range is 18721-18931.

Gold gained as investors moved into the metal as a safe-haven buying

Gold looks to take support at 18740 and resistance at 18870.

In spot gold looks to take support at 1246$ and resistance at 1262$.

BUY GOLD AUG @ 18750-770 SL 18700 TGT 18800-18835-18886.MCX