Gold prices yesterday traded range bound with the topside limited by firmness in the dollar, as the closure of New York markets kept many investors on the sidelines. Now technically market is trading in the range as RSI for 18days is currently indicating 47.14, where as 50DMA is at 17117 and gold is trading below the same and getting support at 16815 and below could see a test of
16796 level, And resistance is now likely to be seen at 16856, a move above could see prices testing 16878.

Spread between Gold FEB & APR contracts yesterday ended at 58, we have seen yesterday that the gold market had traded with a negative node and settled -0.11% down. Spread yesterday traded in the range of 40 - 58.

Trading Ideas:

Gold trading range is 16600-17050.

Gold prices yesterday traded range bound lacking cues as U. S markets were closed yesterday

Gold is having support at 16780 level on MCX and 1131$ in spot.

2010 gold production to grow to 500,000 ounces - Red Back

SELL GOLD @ 16880 SL 16912 TGT 16826-16800-16785.MCX