Gold finished lower as stronger-than-anticipated manufacturing data dulled some of the safe-haven shine that had earlier sent the metal to highs. Meanwhile, the International Monetary Fund said it sold about 16.8 metric tons of gold in July, as its policy of gradually releasing gold onto the market continued. Gold opened up at 19107 reaching its high of 19158 quickly afterwards. Strong manufacturing numbers in both China and the U.S. resulted in large gains in equities. Profit taking in the metals ensued taking gold to its low of 18955. Quiet range trading for the remainder of the session saw gold close at 19000.Now support for the gold MCX is seen at 18917 and below could see a test of 18835. Resistance is now likely to be seen at 19120, a move above could see prices testing 19241.

Trading Ideas:

Gold trading range is 18835-19241.

Gold finished lower on stronger-than-anticipated manufacturing data

IMF sold about 16.8 metric tons of gold in July

Spdr gold trust holdings rose by 1.52 tonnes to 1304.03 tonnes