Gold fell ending more than 1.4 percent lower, on heavy liquidation and
as safe-haven buying on Greek sovereign debt worries subsided. Gold
opened at 16702.00 and ticked sideways on light trading. Weekly
inventories fell short of expectation causing oil prices to rally and
gold followed, reaching an intraday high of 16758. This move quickly
reversed as heavy selling entered the market.

Resting stops were triggered on the way down, causing gold to plunge to
an intraday low of 16430. The metal recovered only marginally off its
lows and later settled at 16484. Now support for the gold MCX is seen
at 16357 and below could see a test of 16229. Resistance is now likely
to be seen at 16685, a move above could see prices testing 16885.

Trading Ideas:

Gold trading range is 16229-16885.

Gold fell as per expectation ended lower on heavy liquidation

Support for the gold is at 16440 and resistance is at 16530 level

Gold SPDR trust holdings fell by 0.61 tonnes to 1115.51 tonnes.

BUY GOLD APR ON DIP @ 16400-16420 SL 16356 TGT  16452-16485-16520.MCX