Gold jumped to its highest in a month today market as the U. S. dollar took a breather from a recent rally and fund buying picked up after the euro gained on talk about a speedy bailout for debt-ridden Greece. Investors have poured money into gold as a hedge against currencies' volatility due to fears about debt defaults in the euro zone, while the metal's steady rebound since falling below $1,100 also ignited technical buying.

Now technically market is trading in the range as RSI for 18days is currently indicating 57.23, where as 50DMA is at 16672 and gold is trading above the same and getting support at 16806 and below could see a test of 16795 level, And resistance is now likely to be seen at 16828, a move above could see prices testing 16839.

Trading Ideas:

Gold trading range is 16795-16839.

Gold look firm as the US dollar took a breather from a recent rally and fund buying picked up after the euro gained.

Gold is taking support at 16740 and getting resistance at 16940.

SPDR Gold Trust holdings settled at 1107.60 tonnes

BUY GOLD APR @ 16800-825 SL 16760 TGT 16856-16890-16922.MCX