Gold ended down as upbeat U. S. economic data and a stronger dollar weighed, as some traders worried the positive news will reduce long-awaited Federal Reserve stimulus. Gold trading may be muted ahead until Wednesday, as few market participants are willing to make significant changes until more detail is known about the expected Federal Reserve stimulus program. Gold opened at 19840. The metal traded higher, as equities gained, reaching 19889. The metal quickly turned lower, reaching 19682 as the dollar strengthened from better than anticipated US manufacturing data. Gold quietly ended the day at 19713. Now support for the gold MCX is seen at 19634 and below could see a test of 19554. Resistance is now likely to be seen at 19841, a move above could see prices testing 19968.

Trading Ideas:

Gold trading range is 19554-19968.

Gold turned negative as dollar strengthened on positive economic data.

Gold looks to take support at 19635 and resistance at 19780.

In spot gold looks to take support at 1338$ and resistance at 1364$.