Gold prices settled flat as trade was quiet as many investors stayed on the sidelines with European and other major metals markets closed since late last week for Christmas. Gold opened at 16846 and made a high of 16910 on MCX. Despite stronger oil prices and rallying equity markets the metal drifted lower as the session began.

Support was established near 11810, however more selling pulled gold below this level. It retreated to 16731 and traded sideways as the market was generally quiet due to the holiday. Good buying near the tail end of the day helped the metal make back lost ground, finally closing at 16810. Now support for the gold MCX is seen at 16724 and below could see a test of 16638. Resistance is now likely to be seen at 16903, a move above could see prices testing 16996.

Trading Ideas:

GOLD TRADING RANGE IS 16645-17100.

GOLD SETTLED FLAT AS MANY INVESTORS STAYED AWAY DUE TO HOLIDAY IN EUROPEAN COUNTRIES

GOLD IS HAVING SUPPORT AT 1101$ IN SPOT AND 16760 ON MCX

TODAY GOLD LOOKS TO HAVE A JUMP WILL SELL ON RISE AS EVE DATA ARE WEEK

SELL GOLD FEB @ 16850-880 SL 16922 TGT 16822-16798-16742-16702. MCX