Gold ended down on Saturday on profit booking after prices rose Friday as investors returned to the refuge of gold during violent protests in Egypt, helping the metal bounce from nearly four-month lows. Indian consumers are slowly beginning to buy gold jewelry again after a fall in prices from record levels in December, but the majority are holding back purchases as they expect prices to decline further.

Gold is completing its 4th consecutive down week at current 20168. This move lower started off 21030 at the start of January reaching as low as 19766. Key pivot remains 20400 which has served as a support for three months before breaking last week. There is a two and a half year bull trend line that comes in this week at 19800. Support also comes in at 50% Fibo of the 6 month range at 20000.

Now support for the gold MCX is seen at 20116 and below could see a test of 20065. Resistance is now likely to be seen at 20255, a move above could see prices testing 20343. Trading Ideas: Gold trading range is 20065-20343. Gold ended down on Saturday on profit booking after prices rose Friday Support for the gold is seen at 20080 and resistance at 20260 level. Spdr gold trust holdings fell by 2.43 tonnes to 1224.12 tonnes.