Tips for Gold Trading - Trading Ideas

Tips for Gold Trading - Trading Ideas ; Gold traded flat and ended with a slight positive node at 20787 that is 0.27% up but market look to feel the pressure as speculators can book profits from gains driven by deadly unrest in Libya, but strong oil prices could offer support. Spot gold latest $1,398.25 is down $7.35 on day and unable to hold intraday high at $1,411.15 and slipping to the low partly due to declines in equities that prompted investors to sell gold to cover losses.

A defiant Muammar Gaddafi said he was ready to die "a martyr" in Libya, vowing to crush a growing revolt which has seen eastern regions break free of his 41-year rule and brought deadly unrest to the capital. SPDR Gold Trust, said holdings dropped to 1,218.243 tonnes by February 22, their lowest in nine months, from 1,223.098 tonnes by February 20. Now technically market is trading in the range as RSI for 18days is currently indicating 62.34, where as 50DMA is at 20485.7 and gold is trading above the same and getting support at 20704 and below could see a test of 20620 level, And resistance is now likely to be seen at 20860, a move above could see prices testing 20932.

Trading Ideas:

Gold trading range is 20620-20932.

Gold ended with positive node but market look to feel pressure as speculators can book profits

Gold is having support at 20720 and resistance at 20860 level.

Spdr gold trust holdings fell by 4.86 tonnes to 1223.10 tonnes.

Gold / Silver ratio is at 42.42. Yesterday Gold FIX $ has closed higher at : 1401
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