Gold tumbled the most since February on signs that Europe’s financial industry may be in better shape than investors estimated, curbing demand for the metal as a haven. Gold opened the day at 18865 and reaching its intraday high of 18875. As demand for Gold as a haven eroded with worries subsiding over Europe’s financial industry, strong fund liquidation pushed the metal downward triggering resting stops around the 18650 level. Continuance in the selloff of the metal took gold to its intraday low of 18512 ending the session nearby at 18532. Now support for the gold MCX is seen at 18405 and below could see a test of 18278. Resistance is now likely to be seen at 18767, a move above could see prices testing 19002.

Trading Ideas:

Gold trading range is 18278-19002.

Gold tumbled after euro surges as banking woes eased

Gold looks to take support at 18440 and resistance at 18620.

Spdr gold trust holdings fell from its record high by 1.22 tonnes to 1319.22 tonnes

BUY GOLD AUG @ 18380-410 SL 18350 TGT 18456-18500-18565.MCX