Gold dipped on profit-taking after rallying to highs, racking up its eighth consecutive quarterly gain as the Federal Reserve stood ready to pump more cash into the U.S. economy to stave off double-dip recession. Gold opened at 19263 rising to 19350 on dollar weakness. Strong fund selling after better than expected economic data knocked the metal lower, triggering resting stops around 19280 and 19240 taking us to an intraday low of 19172.  Opportunistic buying brought gold back up eventually closing at 19239. Now support for the gold MCX is seen at 19157 and below could see a test of 19076. Resistance is now likely to be seen at 19335, a move above could see prices testing 19432.

Trading Ideas:

Gold trading range is 19076-19432.

Gold dipped on profit-taking, racking up its eighth consecutive quarterly gain

Gold looks to take support at 19157 and resistance at 19335.

Spdr gold trust holdings fell by 0.91 tonnes to 1304.78 tonnes