Gold yesterday ended positive amid continued uncertainty about the outlook for global economic growth.
Gold opened the day at 18658; gold’s descent persisted to a low of 18540 as the dollar rallied on demand for treasuries, fueled by speculation the Fed would accelerate quantitative easing to foster economic recovery.
The metal later escalated to a high of 18715 as fund-bidding intensified amid a retracting dollar, before consolidating the session at 18673.
Now support for the gold MCX is seen at 18570 and below could see a test of 18468. Resistance is now likely to be seen at 18745, a move above could see prices testing 18818.
Trading Ideas:
Gold trading range is 18468-18818.
Gold yesterday ended positive amid continued uncertainty about global outlook
Gold looks to take support at 18570 and resistance at 18745.
Spdr gold trust holdings rose by 0.92 tonnes to 1295.52 tonnes
