Gold gained as investors wanted an alternative to the U. S. dollar. Gold holdings in exchange-traded funds are continuing their losing streak as investors cut their exposure to the yellow metal amid growing optimism over the economic outlook. Worries about the euro zone debt crisis have eased, and talk that German officials were drafting contingency plans in case Greece defaults suggested they were working to prevent the crisis from worsening. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to an eight-month low of 1,251.433 tonnes. Now technically market is trading in the range as RSI for 18days is currently indicating 48.32, where as 50DMA is at 20540.86 and gold is trading below the same and getting support at 20350 and below could see a test of 20303 level, And resistance is now likely to be seen at 20434, a move above could see prices testing 20471.

Trading Ideas:

Gold trading range is 20303-20471.

Gold gained as investors wanted an alternative to the U. S. dollar.

Gold looks to take support at 20350 and resistance is at 20430.

Spdr gold trust holdings fell by 5.47 tonnes to 1251.43 tonnes.