India gold ends down on Japan’s nuclear crisis

Gold extended losses falling to the lowest level in nearly four weeks, as concerns over Japan’s escalating nuclear emergency sparked a massive selloff in equities and commodities.
Gold settled low by almost 2% market was opened lower at 20945 and traded lower throughout the day testing the intraday low of 20469 and recovered in late session on profit booking and settled at 20612.
Also Fed Reserve declared that they will hold its policy setting meeting before announcing its federal funds rate later in the day, however it should have little impact on markets, especially as the Treasury buying scheme is likely to remain unchanged.
Now technically market is trading in the range as RSI for 18days is currently indicating 44.91, where as 50DMA is at 20581.64 and gold is trading above the same and getting support at 20401 and below could see a test of 20196 level, And resistance is now likely to be seen at 20878, a move above could see prices testing 21150.
Trading Ideas:
Gold trading range is 20196-21150.
Gold prices settled lower as investors moved to cash amid fears of a nuclear disaster in Japan.
Gold looks to take support at 20580 and resistance at 20676.
Spdr gold trust holdings fell by 2.74 tonnes to 1212.74 tonnes

(Source: http://www.commodityonline.com/futures-trading/tradingtips/India-gold-ends-down-on-Japan-s-nuclear-crisis-12050.html)