Gold ended a touch higher despite the euro's gains, as the metal retreated from high posted earlier in the session due to technical selling and lingering concerns related to Greece's debt crisis. Gold opened on its lows at 16834. Weakening of the dollar had Gold reverse and traded up to an intraday high of 16977. Light trading saw the metal close at 16906. Now support for the gold MCX is seen at 16834 and below could see a test of 16763. Resistance is now likely to be seen at 16977, a move above could see prices testing 17049.

Trading Ideas:

Gold trading range is 16763-17049.

Gold ended up a tad despite dollar drop against euro

Support for the gold is at 16860 on MCX and in spot support is at 1146$.

Gold imports in Gujarat surged by robust 39% in 2009-10.

BUY GOLD JUN @ 16850 SL 16818 TGT 16884-16912-16954.MCX