Gold fell as stability in other markets reduced the demand for an alternative asset. Demand for a refuge asset had propelled gold to records in May and June as signs of a slowdown in U.S. growth compounded worries about Europe. Some believe gold holds its value better than other assets during economic turmoil. Gold commence trading at 18305 before peaking at a high of 18336, on fund bidding. The metal was gradually repudiated in favour of an invigorated dollar, lapsing to a low of 18201. The commodity concluded the session at 18257. Now support for the gold MCX is seen at 18193 and below could see a test of 18130. Resistance is now likely to be seen at 18328, a move above could see prices testing 18400.

Trading Ideas:

Gold trading range is 18130-18400.

Gold fell as stability in other markets reduced the demand for an alternative asset

Gold looks to take support at 18190 and resistance at 18330.

In spot gold looks to have support at 1172$ and resistance at 1196$