Gold ended higher after rebounding from losses prompted by a stronger dollar and an ebb in the risk appetite that has boosted the metal to records in recent trading. Gold opened at 17118 on MCX. Jobless claims just missed expectations having a relatively benign impact on the metal. It later ticked marginally higher, hitting resistance near 17160.

However retreating equity markets, tumbling oil and a stronger USD inspired dealers to sell the metal, taking out some of the longs, slipping to an intraday low of 17085. Gold turned bid on the back of investor demand, peaking at 17243 before settling just below its highs at 17231. Now support for the gold MCX is seen at 17130 and below could see a test of 17028. Resistance is now likely to be seen at 17288 a move above could see prices testing 17344.

Trading Ideas:

GOLD TRADING RANGE IS 17000-17400.

GOLD ENDED HIGHER AFTER REBOUNDING FROM LOSSES PROMPTED BY A STRONGER DOLLAR

SELL GOLD DEC @ 17250-280 SL 17322 TGT 17222-17202-17176-17148.MCX

SPDR GOLD HOLDINGS ENDED STAEDY AT 1117.49 TONNES

GOLD IS TAKING SUPPORT AT 1138$ AND RESIST AT 1152$.

Commodity Analysis by Kedia Commodity, India’s Premium Research House, Mumbai. Check out more commodity reviews at KediaCommodity. com