Gold finished weak but volumes were light and some investors were beginning to take profits after the psychologically potent in international market of $1,300 per ounce target was breached. Net length for gold slipped for the first in 7 weeks although price has set new record highs. Some traders entered short positions as they viewed the rally overstressed. Gold opened at 19129 and quickly reached its intraday high of 19139 just after the open. Strengthening of the dollar saw the metal trade to its intraday low of 19061. Range trading for the remainder of the session took gold to its close at 19079.Now support for the gold MCX is seen at 19047 and below could see a test of 19015. Resistance is now likely to be seen at 19125, a move above could see prices testing 19171.

Trading Ideas:

Gold trading range is 19015-19171.

Gold finished weak yesterday on profit booking after prices rose to 1300$ mark in international.

Gold looks to take support at 19047 and resistance at 19125.

Gold's net speculative long positions dropped for the first time in 7 weeks