Gold ended lower on modest dollar strength and easing worries over tensions between North and South Korea. A slightly stronger dollar weighed on gold prices as European sovereign-debt contagion fears re-emerged. Gold opened the day at 20480. Dropping initially after good economic data, the metal recovered advancing inline with equities to its high of 20557. Profit taking took the metal to its low of 20367. Range trading for the remainder of the session saw gold close at 20398.Now support for the gold MCX is seen at 20324 and below could see a test of 20251. Resistance is now likely to be seen at 20514, a move above could see prices testing 20631.

Trading Ideas:

Gold trading range is 20251-20631.

Gold prices ended weak on strong dollar and easing Korea worries

Gold looks to take support at 20325 and resistance at 20480.

In spot gold looks to take support at 1362$ and resistance at 1386$.