Gold rose to their strongest level since mid-December boosted as an appetite for risk returned to commodities and equities. Now technically market is trading in the range as RSI for 18days is currently indicating 47.98, where as 50DMA is at 17118 and gold is trading below the same and getting support at 16693 and below could see a test of 16555 level,

And resistance is now likely to be seen at 16931, a move above could see prices testing 17031. Spread between Gold FEB & APR contracts yesterday ended at 59, we have seen yesterday that the gold market had traded with a positive node and settled 0.58% up. Spread yesterday traded in the range of 5 - 65.

Trading Ideas:

Gold trading range is 16600-17050.

Gold yesterday ended higher on an oil price rally

SPDR Gold Trust Holdings fell by 4.87 tonnes and settled at 1128.75 tonnes.

Gold yesterday jump towards the resistance has started vanishing the bearish node.

BUY GOLD FEB @ 16780-800 SL 16722 TGT 16822-16856-16900-16936. MCX