Gold tumbled as investor interest in risky investments waned because of concern that Chinese efforts to slow its own growth could harm the global economic recovery. Gold opened on its highs at 16925 on MCX. China's chief banking regulator made remarks regarding tighter lending policies at some Chinese banks causing equity markets to tumble and gold followed.

The metal continued to retreat and the selling was persistent for much of the session, falling to an intraday low of 16642. Light buying helped it recover as the day unwound, finally settling at 16680.Now support for the gold MCX is seen at 16573 and below could see a test of 16466. Resistance is now likely to be seen at 16856, a move above could see prices testing 17032.

Trading Ideas:

Gold trading range is 16400-16900.

Gold slips as China concerns pare risk buys

Gold is having support at 16630 level on MCX and 1107$ in spot.

Gold demand abated yesterday as the rupee weakened against the dollar.

SELL GOLD FEB ON JUMP @ 16780 SL 16812 TGT 16756-16722-16690.MCX