Gold rose to its strongest in eight weeks as dollar slipped against the euro, with worries that the U.S. economic recovery was stalling likely to drive the metal to new highs. Gold registered its fourth consecutive up week 18897, after trading as high as 18998 this week in a move that started at 17700 five weeks ago. Our short term target on this bull move is the June record high of 19285, as we remain bullish on gold with a short term stop loss below 18650. Now support for the gold MCX is seen at 18883 and below could see a test of 18869. Resistance is now likely to be seen at 18909, a move above could see prices testing 18921.

Trading Ideas:

Gold trading range is 18869-18921.

Gold rose the week as $ slipped with worries that U.S. economic recovery was stalling

Peru’s output of gold totaled 12,703 kilograms, down 19% from a year earlier

Spdr gold trust holdings rose by 0.61 tonnes to 1298.56 tonnes