Gold finished lower in light holiday trading pressured by a slightly stronger U.S. dollar and book squaring by traders exiting positions in which they previously bought metals. Now technically market is trading in the range as RSI for 18days is currently indicating 42.87, where as 50DMA is at 17099 and gold is trading below the same and getting support at 16580 and below could see a test of 16507 level, And resistance is now likely to be seen at 16720, a move above could see prices testing 16787.  

Spread between Gold FEB & APR contracts yesterday ended at 55, we have seen yesterday that the gold market had traded with a negative node and settled -0.47% down. Spread yesterday traded in the range of 30 - 59.

Trading Ideas:

Gold trading range is 16400-16900.

Gold finished lower pressured by a slightly stronger U.S. dollar and profit booking

SPDR Gold Trust Holdings remained steady at 1133.62 tonnes.

Spread between Gold Feb & Apr contracts yesterday ended at 55

SELL GOLD FEB ON JUMP @ 16750-780 SL 16822 TGT 16719-16685-16648-16612. MCX