Gold prices rose to an all-time high as the U. S. Federal Reserve's program to resume buying government bonds stoked inflation worries. Gold's rally to a record came despite the fact that the dollar was up almost 1 percent on the day, boosted by a U. S. nonfarm payrolls report that suggested the economy may be on a stable road to recovery. Gold is closing the week at a high of 19971. The metal survived a test of its four month rising trend line at 19310 before registering last week’s record high of 19917. This is a very bullish close after consolidating the past month between 19000 and 20000. On a measured 79 dollar move would yield 20500. Now support for the gold MCX is seen at 19915 and below could see a test of 19859. Resistance is now likely to be seen at 20023, a move above could see prices testing 20075.

Trading Ideas:

Gold trading range is 19859-20075.

Gold prices rose to an all-time high on inflation worries

Gold looks to take support at 19915 and resistance at 20023.

Spdr gold trust holdings fell by 0.42 tonnes to 1291.77 tonnes