Gold settled flat Saturday after rising on Friday as reservations over a bailout plan for Greece and concerns about a lack of agreement on the U.S. debt ceiling spurred safe-haven buying. Gold is drawing strength from the European bailout plan and investor nervousness about whether this is going to result in a real resolution. Adding to the uncertainty and to investor interest in less-risky assets was a bomb attack and shooting in Norway that altogether killed at least 17 people. The rise in gold along with a firmer dollar against the euro indicated that market players were moving into safe-haven assets. Now technically market is trading in the range as RSI for 18days is currently indicating 60.75, where as 50DMA is at 22532.44 and gold is trading above the same and getting support at 23067 and below could see a test of 23034 level, And resistance is now likely to be seen at 23121, a move above could see prices testing 23142.

Trading Ideas:

Gold trading range is 23034-23142.

Gold settled flat Saturday after rising on Friday as reservations over a bailout plan spurred safe-haven buying

Spdr gold trust holdings dropped by 0.91 tonnes to 1241.77 tonnes

Gold looks to take support at 23000 a break belwo looks to test 22840 level