Gold fell as traders booked profits, keeping in mind the year-end and a new proposal to curb speculation in the commodity markets. Market uncertainty about how the new rules would affect exchange-traded fund purchases also pressured gold prices. Physical-gold ETFs have become key consumers of the precious metal in recent times, with market leader SPDR Gold Trust currently holding the world's largest private gold reserves. Gold started the day at 20610 quickly rising to an intraday high of 20628 just after the open. Profit taking after neutral jobs data took the metal lower, triggering resting stops around the
20520 level. Further selling as the dollar gained took gold lower, eventually reaching an intraday low of 20392. The metal recovered as equities reversed earlier declines eventually ending the day at
20473. Now support for the gold MCX is seen at 20367 and below could see a test of 20262. Resistance is now likely to be seen at 20603, a move above could see prices testing 20734.

Trading Ideas:

Gold trading range is 20262-20734.

Gold fell as traders booked profits and a new proposal to curb speculation in commodity markets weighed

Gold looks to take support at 20400 and resistance at 20560.

Spdr gold trust holdings fell by 2.43 tonnes to 1283.76 tonnes