Gold fell as the dollar strengthened amid dimmed expectations for a Federal Reserve monetary stimulus. Investors returned to buying U.S. dollars on the report the Fed over several months will purchase only a few hundred billion dollars worth of Treasurys, far from the more than $1 trillion some had expected.  Gold opened on its high of 19571. Profit taking, from continued overnight dollar strength on speculation that the Fed will be more cautious than expected on its anticipated implementation of its QE program, took gold to its low of 19419. A gentle recovery in the metal saw it close at 19441. Now support for the gold MCX is seen at 19383 and below could see a test of 19325. Resistance is now likely to be seen at 19535, a move above could see prices testing 19629.

Trading Ideas:

Gold trading range is 19325-19629.

Gold declined yesterday on lower stimulus expectations

Gold looks to take support at 19380 and resistance at 19535.

In spot gold is taking support at 1316$ and resistance at 1338$.