Gold finished with a slight loss after they were pressured by a muscular U.S. dollar and by comments from a Chinese official seen as a hint that gold purchases from the country might not be as robust as some might have expected. Gold opened at 16703 on MCX and traded heavy as the session began, falling as investors unloaded the metal. It retreated to an intraday low of 16581 before it turned bid. Gold made back ground as the dollar softened, hitting resistance near 16680. This level was later broken as the short squeeze continued, peaking at 16753. It traded quietly in a narrow range as the day unwound, closing at 16727. Now support for the gold MCX is seen at 16621 and below could see a test of 16515. Resistance is now likely to be seen at 16793, a move above could see prices testing 16859.

Trading Ideas:

Gold trading range is 16515-16859.

Gold finished steady after pressured by a muscular U.S. dollar and comments from Chinese official

Support for the gold is at 16680 and resistance is at 16770 level

In spot gold is having support at 1116$ and resistance is at 1128$

BUY GOLD APR @ 16700-730 SL 16680 TGT 16748-16780-16810.