Gold turned modestly lower by -0.22 and settled at 20908 erasing earlier gains, as fears over Japan’s nuclear crisis eased and the U.S. dollar rebounded from a 15-month low, while ongoing turmoil in the Middle East and North Africa continued to support the precious metal. President of the Federal Reserve Bank said that he opposed extended the Fed’s program of asset purchases, known as quantitative easing, beyond June. Gold prices often move inversely to the US dollar, as gold becomes more expensive for buyers using other currencies. Now technically market is trading in the range as RSI for 18days is currently indicating 53.79, where as 50DMA is at 20625.08 and gold is trading above the same and getting support at 20832 and below could see a test of 20756 level, And resistance is now likely to be seen at 20987, a move above could see prices testing 21066.

Trading Ideas:

Gold trading range is 20756-21066.

Gold was little changed as interest-rate hike worries prompted the market to take a breather

Gold looks to take support at 20832 and resistance at 20987.

Spdr gold trust holdings fell by 0.91 tonnes to 1214.87 tonnes.