Gold prices rose as investor fled to the perceived safety of the metal after a report showed U.S. existing home sales were much weaker than expected last month. Gold opened at 18681 trading quickly down to its intraday low of 18605 on a strengthening Dollar. The metal saw its fortune turn around reaching its high of 18860 as investors looked to the metal as a safe haven buy against dismal existing home sales data and falling equities. The remainder of the session saw Gold trading sideways; quietly closing at 18820.Now support for the gold MCX is seen at 18663 and below could see a test of 18507. Resistance is now likely to be seen at 18918, a move above could see prices testing 19017.

Trading Ideas:

Gold trading range is 18507-19017.

Gold settled higher after existing home sales data  came weaker than expected last month

Gold looks to take support at 18740 and resistance at 18900.

Spdr gold trust holdings fell by 1.52 tonnes to 1297.95 tonnes