Gold slumped in the absence of fresh safe-haven buying as concern about the euro-zone debt crisis abated for the moment. Gold opened the day on its high at 18250. After dipping to a low of 17916, the metal exploited weakness in the dollar to rebound near the bell. Gold continued its ascent through the day beginning a steady retreat to eventually close at 18008. Now support for the gold MCX is seen at 17866 and below could see a test of 17724. Resistance is now likely to be seen at 18200, a move above could see prices testing 18392.

Trading Ideas:

Gold trading range is 17724-18392.

Gold yesterday ended down on profit booking by traders.

Support for the gold is seen at 17960 and resistance is at 18040.

Spdr gold trust holdings rose by 3.05 tonnes to 1217.11 tonnes

SELL GOLD JUNE BELOW 17970 SL 18040 TGT 17922-17865-17830. MCX