Spot gold hovered near its three-week high buoyed by a slightly weaker dollar, while investors continued to bet on further price rally in precious metals. Gold opened marginally lower at 20719 and quickly dipped to an intraday low of 20683 shortly afterwards. Dollar weakness coupled with a strong rally in treasuries saw gold reach an intraday high of 20795 late in the session. The metal ended the day shortly after at 20775.Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained unchanged at 1,284.062 metric tons. now technically market is trading in the range as RSI for 18days is currently indicating 59.37, where as 50DMA is at 20457.54 and gold is trading above the same and getting support at 20706 and below could see a test of 20639 level, And resistance is now likely to be seen at 20818, a move above could see prices testing 20863.
Trading Ideas:
Gold trading range is 20444-20572.
Gold continued to show strength on weaker dollar, while investors continued to bet for rally.
Gold looks to take support at 20706 and resistance at 20836.
Holdings in SPDR Gold Trust, remained unchanged at 1,284.062 metric tons.
BUY GOLD FEB @ 20680-710 SL 20650 TGT 20745-20788-20812.MCX
Gold / Silver ratio is at 47.2. Yesterday Gold FIX $ has closed lower at : 1370.84
