Gold dropped near to 21k mark once again that below $1,430 an ounce as easing crude oil prices and a Wall Street rally prompted investors to lock in recent gains. Gold has risen about 10% in the last six weeks, as clashes in Libya and turbulence across the Arab world have encouraged investors to seek a safe haven, while oil has gained about 17% in the same period, increasing gold's inflation hedge appeal. Bullion was dragged lower on oil's pullback as OPEC considered boosting production for the 1st time in more than 2 years. Now technically market is trading in the range as RSI for 18days is currently indicating 57.72, where as 50DMA is at 20542.34 and gold is trading above the same and getting support at 20948 and below could see a test of 20874 level, And resistance is now likely to be seen at 21143, a move above could see prices testing 21264.

Trading Ideas:

Gold trading range is 20874-21264.

Gold dropped as easing crude oil prices and a Wall Street rally prompted investors to lock in recent gains.

Gold is having support at 20060 and resistance at 21090 level.

In spot gold looks to hold support at 1412$ and resistance at 1440$.