Gold fell after losing some of its recent safe-haven luster as equities and the euro rallied after stronger economic data in Europe. Gold receded over the weekend, opening at 18714, as healthy European industrial production numbers motivated acquisitive investors to penetrate riskier assets. The metal bounced to a high of 18750 on robust fund-buying early in trading, before regressing to a low of 18460, as equities continued to proliferate. The commodity received a negligible boost late in trading; eventually settling the day at 18561.Now support for the gold MCX is seen at 18431 and below could see a test of 18300. Resistance is now likely to be seen at 18721, a move above could see prices testing 18880.

Trading Ideas:

Gold trading range is 18300-18880.

Gold ended down as rally in euro reduced demand for gold as safe haven.

Support for the gold is seen at 18480 and resistance is at 18620.

Tanzania's gold exports rose 30% in the year ended April 30

BUY GOLD AUG @ 18500-540 SL 18460 TGT 18575-18600-18645.MCX