Gold rose yesterday despite a sharply stronger U.S. dollar as investors were viewing both the currency and the metal as financial refuges. Gold opened on its lows at 18230, before progressing on safe-haven bidding to a high of 18425, as the Fed’s stimulus raised new doubts about the economic recovery. The metal later retreated after the dollar was lifted by surging demand for treasuries and finally settled at 18381.Now support for the gold MCX is seen at 18266 and below could see a test of 18150. Resistance is now likely to be seen at 18461, a move above could see prices testing 18540.

Trading Ideas:

Gold trading range is 18150-18540.

Gold rose yesterday despite a sharply stronger U.S. dollar

Gold looks to take support at 18320 and resistance at 18460.

Spdr gold trust holding rose by 3.04 tonnes to 1285.79 tonnes