Commodity Outlook for Gold by KediaCommodity

GoldGold ended down as safe-haven buying faded after European lenders offered a liquidity safety net for vulnerable banks and as U. S. data showed signs of an improving economy. Bullion had looked set to go above $1,400 an ounce, but investors took profits as the metal approached that level several times in earlier trade but failed to break it. In China, the world's second biggest gold consumer, the chairman of the Shanghai Gold Exchange said on Thursday that the country's gold imports soared in the first 10 months of the year to 209.72 tonnes. Now technically market is trading in the range as RSI for 18days is currently indicating 57.19, where as 50DMA is at 20105.56 and gold is trading above the same and getting support at 20490 and below could see a test of 20412 level, And resistance is now likely to be seen at 20689, a move above could see prices testing 20810.

Trading Ideas:

Gold trading range is 20412-20810.

Gold ended down as safe-haven buying faded after European lenders offered a liquidity safety

Gold looks to take support at 20490 and resistance at 20640.

Spdr gold trust holding rose by 4.56 tonnes to 1298.45 tonnes