Gold settled higher as investors bet the metal will hold its value more strongly than currencies and stocks amid ongoing concerns about the economic recovery. European central banks sold just 6.2 metric tons of gold under the third central bank gold agreement in the past year, according to data from the World Gold Council. Gold opened at 19055 dipping to its intraday low of 18960 shortly after. Weak consumer confidence numbers energized fund buying, taking the metal to its high of 19200 late in the session. Gold closed at 19182 in quiet trading. Now support for the gold MCX is seen at 19028 and below could see a test of 18874. Resistance is now likely to be seen at 19268, a move above could see prices testing 19354.

Trading Ideas:

Gold trading range is 18874-19354.

Gold settled higher as investors bet metal will hold its value more strongly than currencies and stocks

Gold looks to take support at 19028 and resistance at 19268.

Spdr gold trust holdings rose by 5.17 tonnes to 1305.69 tonnes