Gold held steady yesterday after snapping a four-day losing streak in the previous session, as a cautious outlook by the U.S. Federal Reserve and a weaker dollar lent support. Indian market was closed on account of Republic day holidays and Gold opened slightly lower in international market at 1331 reaching an intraday low of 1324.50 after better than expected housing data, gold then rebounded on short covering. This renewed buying interest ahead of the FOMC decision saw gold to an intraday high of 1335.25 ended the day at 1333.50shortly after. Now technically market is trading in the range as RSI for 18days is currently indicating 33.12, where as 50DMA is at 20492.98 and gold is trading below the same and getting support at 19767 and below could see a test of 19634 level, resistance is now likely to be seen at 20006, a move above could see prices testing 20112.

Trading Ideas:

Gold trading range is 19634-20112.

Gold held steady  yesterday as cautious outlook by U.S. Fed Reserve and a weaker dollar lent support

Support for the gold is seen at 19820 and resistance at 19960 level.

In spot gold looks to have a support at 1334$ and resistance at 1356$.

BUY GOLD FEB ABV 19950 SL 19900 TGT 19990-20056.MCX

Gold / Silver ratio is at 48.58. Yesterday Gold FIX $ has closed lower at : 1328