Gold yesterday moved higher as the euro rose after Greece's government announced plans to deal with the country's budget deficits, leading to improved risk appetite in markets generally. Now technically market is trading in the range as RSI for 18days is currently indicating 60.91, where as 50DMA is at 16666.6 and gold is trading above the same and getting support at 16958 and below could see a test of 16887 level, And resistance is now likely to be seen at 17097, a move above could see prices testing 17165.

Spread between Gold APR & JUN contacts yesterday ended at 77, we have seen yesterday that the gold market had traded with a positive node and settled 0.05% up. Spread yesterday traded in the range of 56 - 94.

Trading Ideas:

Gold trading range is 16887-17165.

Gold yesterday moved higher as the euro rose after Greece's government announced announcement

Scrap gold sales declined by 50 per cent during the first two months

Gold SPDR holding trust rose by 3.97 tonnes to 1115.51 tonnes.