Gold declined as stronger-than-expected jobless data shaved off some of the metal's recent haven premium, but losses were kept in check as the market remains fretful about the pace of the economic recovery. Gold commenced at 18941 and peaked at an intraday high of 18995.

The metal drifted lower throughout the session, reaching a low of 18857, as safe-haven bidding eased as investors breathed a collective sigh of relief amid declining US jobless claims, indicating the labour market may not be deteriorating as rapidly as forecast. The commodity finished the day at 18875.Now support for the gold MCX is seen at 18822 and below could see a test of 18771. Resistance is now likely to be seen at 18960, a move above could see prices testing 19047.

Trading Ideas:

Gold trading range is 18771-19047.

Gold declined as stronger-than-expected jobless data shaved off metals some of recent gains

Gold looks to take support at 18920 and resistance at 18960.

In spot gold looks to have a support at 1222$ and resistance at 1245$