Gold settled higher on some safe-haven buying amid concerns about Greece's sovereign debt. At the same time, the metal was pressured by a higher dollar, also supported as a safe haven. Gold opened at 16849 on MCX. It traded erratically within a range, slipping to a low of 16841. Good buying lifted gold off its lows and later ticked sideways as the market went very quiet.

Rallying equity markets and stronger oil prices helped the metal gather momentum, climbing to a high of 16944 near the latter of the day and later closed at 16933. Now support for the gold MCX is seen at 16868 and below could see a test of 16803. Resistance is now likely to be seen at 16971, a move above could see prices testing 17009.

Trading Ideas:

Gold trading range is 16650-17200.

Gold settled higher on some safe-haven buying on concerns about Greece's sovereign debt

Gold is having support at 16870 level on MCX and 1134$ in spot.

SPDR Gold Trust Holdings fell by -0.92 tonnes and settled at 1111.92 tonnes.

SELL GOLD FEB BELOW 16910 SL 16962 TGT 16892-16866-16835. MCX